Raydan Food Co. issued the prospectus for its capital hike through a SAR 112.5 million rights issue on the Capital Market Authority’s (CMA) website, according to a bourse statement.
In May 2021, the CMA approved Raydan's request to increase its capital through a SAR 112.5 million rights issue.
The net proceeds from the offering will be used mainly to support the expansion of the company's activity and increase the working capital to promote its operational capacity and support future activity.
Shareholders will e-vote on approving the capital increase, set the offering price, and amend the articles of association, during the extraordinary general meeting (EGM) scheduled on July 13.
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Capital Hike Details |
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Capital |
SAR 225 mln |
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Number of shares |
22.50 mln |
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Capital hike percentage |
50% |
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Capital after increase |
SAR 337.5 mln |
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Number of shares after increase |
33.75 mln |
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Rights Issue Details |
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Number of shares offered |
11.25 mln |
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Offering price per share |
SAR 10 |
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Issue size |
SAR 112.5 mln |
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Rights coefficient |
Each listed shareholder will be granted1 rights share for every 2 share owned |
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Record date |
Shareholders who own the shares by the end of trading on the date of the EGM, and of record by the close of trading on the second day following the EGM date |
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Rights issue proceeds |
Completion of Al-Zaydi project |
SAR 4 mln |
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Completion of Al Madinah project |
SAR 4.5 mln |
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Construction of the new university branch |
SAR 4 mln |
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Apply the new identity |
SAR 15 mln |
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Establishing new branches |
SAR 10 mln |
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Factory and service centers |
SAR 20 mln |
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Repayment of loans |
SAR 10 mln |
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Investment amounts |
SAR 9.35 mln |
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Working capital |
SAR 30.72 mln |
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Offering costs |
SAR 4.93 mln |
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