Logo of Methanol Chemicals Co.
Methanol Chemicals Co. (Chemanol) issued prospectus for its SAR 480 million rights issue through offering 48 million shares.
On May 6, the Capital Market Authority (CMA) approved Chemanol’s request to reduce its capital to SAR 674.5 million from SAR 1.21 billion followed by increasing capital through a SAR 480 million rights issue, Argaam reported.
The capital cut and capital hike are pending approval from the company’s extraordinary general meeting (EGM).
The rights issue represents a 71.16% capital hike to SAR 1.1545 million, the company said, adding that the capital hike aims at raising its solvency margin, as well as reduce credit rates and its financial charges.
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Capital Hike Details |
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Current Capital |
SAR 674.51 mln |
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Number of shares |
67.45 mln |
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Capital hike percentage |
71.16% |
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Capital after increase |
SAR 1.1545 bln |
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Number of shares after increase |
115.45 mln |
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Rights Issue Details |
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Number of rights shares |
48 million |
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Offering price per share |
SAR 10 |
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Issue size |
SAR 480 mln |
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Rights Coefficient |
Each registered shareholder obtains nearly 0.712 rights for each share held |
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Record date |
Shareholders of record by the close of trading on the second day following the EGM date |
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Rights issue proceeds |
SAR 445 mln to pay off loans |
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SAR 15 mln in IPO fees |
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SAR 11.5 mln to finance working capital |
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SAR 8.5 mln for the initial engineering designs of the Methanol plant expansion project |
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