Logo of Naseej International Trading Co.
Naseej International Trading Co. issued prospectus for its SAR 150 million rights issue, the company said in a bourse filing.
Earlier this month, the Capital Market Authority (CMA) approved a request to increase its capital through a rights issue, according to data compiled by Argaam.
The company’s board of directors also recommended a rights issue to be implemented following the capital cut.
In September 2020, the extraordinary general meeting (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 EGM will discuss the capital increase on Oct. 12.
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Capital Increase Details |
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Current Capital |
SAR 61.63 mln |
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Number of Shares |
6.16 mln |
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Capital Hike % |
243.38 % |
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Capital after Increase |
SAR 211.63 mln |
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Number of Shares after Increase |
21.16 mln |
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Rights Issue Details |
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Number of Rights Shares |
15 mln |
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Offering Price Per Share |
SAR 10 |
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Issue Size |
SAR 150 mln |
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Eligibility Coefficient |
One share for each 2.43 shares held |
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Record Date |
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Rights Issue Proceeds |
Settlement of term loans with commercial banks |
SAR 86.7 mln |
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Working capital (raw materials for yarn products, rugs, carpets, and purchase of finished products for the commercial sector) |
SAR 45.8 mln |
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Extension of yarn extrusion lines |
SAR 8 mln |
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Upgrading the rug and carpet rolls collection plant |
SAR 2 mln |
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Issue costs |
SAR 7.5 mln |
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