Lazurde board amends capital hike recommendation to SAR 145 mln

Lazurde Co. for Jewelry's board of directors amended, today, Dec. 7, its recommendation on increasing the company’s capital, seeking a hike by SAR 145 million instead of SAR 143.33 million through offering rights issue shares, the company said in a filing to Tadawul.

The move comes in light of the financial advisor's recommendation on raising capital from SAR 430 million to SAR 575 million through offering 14.5 million common shares.

The rights issue proceeds will be used in expanding the company's business and reducing debts.

The recommendations will not come into effect except after taking the necessary regulatory procedures, as per the company's bylaws and corporate regulations, including obtaining the approval of the extraordinary general meeting and competent authorities.

On Oct. 11, the board of directors recommended a capital increase through a SAR 143.33 million rights issue, according to data compiled by Argaam.