Alkhaleej Training issues prospectus for capital increase via rights issue

11/10/2021 Argaam

Logo of Alkhaleej Training and Education Co.


Alkhaleej Training and Education Co. issued today, Oct. 11,  the prospectus for its planned capital hike through SAR 200 million rights issue on the Capital Market Authority’s (CMA) website, according to a bourse statement.

 

Earlier this month, the Capital Market Authority (CMA) approved Alkhaleej Training’s request to raise its capital, Argaam reported.

 

The company scheduled an extraordinary general assembly meeting (EGM) on Nov. 3 to vote on the board of directors’ recommendation of capital increase.

 

Details of Capital Increase

Current capital

SAR 450 mln

Number of shares

45 mln

Capital increase percentage

44.4%

Capital after increase

SAR 650 mln

Number of shares after increase

65 mln

 

Rights Issue Details

Number of shares offered

20 mln

Offering price

SAR 10 per share

Issue size

SAR 200 mln

Rights coefficient

Each registered shareholder will be granted 0.44 right for every share owned

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

Use of rights issue proceeds

Expansion in the education sector through the acquisition of schools

SAR 96 mln

Repayment of a part of short-term facilities

SAR 100 mln

Offering costs

SAR 4 mln

 

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