Naseej submits SAR 150 mln rights issue file to CMA

29/12/2020 Argaam

Logo of Naseej International Trading Co.

Naseej International Trading Co. submitted on Monday, Dec. 28, its file to increase capital through SAR 150 million rights issue for approval to the Capital Market Authority (CMA).

 

According to a bourse filing, Al Wasatah Al Maliah Company (Wasatah Capital) has been appointed as the financial advisor for the offering.

 

The company will announce updates regarding this matter in due course.

 

Earlier this month, Naseej’s EGM approved reducing the company’s capital by 65.4% to SAR 61.63 million from SAR 178.16 million through writing off 11.65 million shares.

 

The company’s board of directors recommended, in September, a capital hike through SAR 150 million rights issue to be implemented following the capital cut.

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