Logo of Alhokair Group
Abdulmohsen Alhokair Group for Tourism and Development’s rights issue shares were 94.91% subscribed, as subscribers injected SAR 291.37 million to subscribe to 29.14 million shares, the company said in a bourse filing.
The remaining shares will be reoffered to institutional investors on a pro rata basis from Aug. 10-11.
|
Rights Issue Details |
|
|
Number of rights issue shares |
30.70 mln |
|
Number of subscribed shares |
29.14 mln |
|
Subscription value |
SAR 291.37 mln |
|
Coverage ratio (%) |
94.91% |
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Number of remaining shares |
1.56 mln |
|
Period of offering remaining shares |
Aug. 10-11 |
The rump shares will be offered to a number of institutional investors, provided that those institutions submit purchase offers.
The remaining shares will be allocated to institutional investors by giving priority to the highest bid, then the lowest and the lowest (provided that it is not less than the offering price), with shares being allocated on a proportional basis among those institutional investors that have tendered offers at the same price.
In the event shares remain unpurchased by institutional investors, those will be allocated to the underwriter who will purchase them at the offering price.
Alhokair Group’s rights subscription period ended Aug. 5, Argaam reported.
The subscription started on July 26, to increase the company’s capital from SAR 343 million to SAR 650 million, through a rights issue of 30.7 million shares at SAR 10 per share.
Rights trading period, which also started on July 26, ended on Aug 2, 2021.
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Key Figures of the Capital Increase via Rights Issue |
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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 Rights Issue |
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Number of Offered Shares |
30.7 mln |
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Offering Price |
SAR 10 |
|
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Issue Size |
SAR 307 mln |
|
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Rights Trading Period |
From July 26 to Aug. 2 |
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|
Subscription Period |
From July 26 to Aug. 5 |
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|
Use of Proceeds |
Repayment of bank loans |
SAR 80 mln |
|
Renovation of a number of hotels as well as entertainment and commercial facilities |
SAR 110 mln |
|
|
Financing cinema screens and sports centers |
SAR 45 mln |
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|
Financing working capital |
SAR 66.2 mln |
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|
|
Offering costs |
SAR 5.8 mln |
|
|
Total |
SAR 307 mln |
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