Logo of Alhokair Group
Abdulmohsen Alhokair Group for Tourism and Development issued prospectus for its SAR 307 million rights issue.
Alhokair shareholders approved capital reduction by 37.64% from SAR 550 million to SAR 343 million, through cancelling 20.7 million shares to offset accumulated losses.
They also approved a capital increase through SAR 307 million rights issue to boost the company’s solvency and reduce borrowing rates and the related costs.
Subscription to new shares and rights trading will run from July 26 to Aug. 2.
The subscription to new shares will close on Aug. 5.
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Key Figures of the Capital Increase |
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Capital Before Increase |
SAR 343 mln |
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Number of Shares |
34.3 mln |
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Increase (%) |
89.5% |
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New Capital |
SAR 650 mln |
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New Number of Shares |
65 mln |
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Key Figures of the Rights Issue |
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Number of Offered Shares |
30.7 mln |
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Offer Price |
SAR 10 |
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Issue size |
SAR 307 mln |
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Record Date |
Shareholders of record by the close of trading on the extraordinary general meeting date, who are registered at Edaa by the end of trading on the second day following the EGM. |
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Use of Proceeds |
Renovation of a number of hotels as well as entertainment and commercial facilities (SAR 110 million) Financing cinema screens and sports centers (SAR 45 million) Financing working capital (SAR 66.2 million) Offering expenses (SAR 5.8 million) |
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