Logo of Alkhaleej Training and Education Co.
Alkhaleej Training and Education Co.’s shareholders approved the board’s recommendation to increase capital from SAR 450 million to SAR 650 million via a SAR 200 million rights issue during the extraordinary general meeting (EGM) held on Nov. 3.
The capital increase proceeds will be used in asset acquisitions in the education sector, according to a bourse filing today, Nov. 4.
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Details of Capital Increase |
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|
Current capital |
SAR 450 mln |
|
Number of shares |
45 mln |
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Capital increase percentage |
44.4% |
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Capital after increase |
SAR 650 mln |
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Number of shares after increase |
65 mln |
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Rights Issue Details |
||
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Number of shares offered |
20 mln |
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Offering price |
SAR 10 per share |
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|
Issue size |
SAR 200 mln |
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|
Rights coefficient |
Each registered shareholder will be granted 0.44 right for every share owned |
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Record date |
Shareholders who own the shares by the end of trading on the EGM date and of record by the close of trading on the second day following the EGM date |
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Rights issue proceeds |
Expansion in the education sector through the acquisition of schools |
SAR 96 mln |
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Partial repayment of short-term facilities |
SAR 100 mln |
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|
Offering costs |
SAR 4 mln |
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Shareholders also ratified amending articles 7 and 8 of the Articles of Incorporation related to capital and share offering and subscription.
Meanwhile, the stock daily trading fluctuation limit after its capital hike though rights issue will be based on a share price of SAR 20.86 as of today, Nov. 4, the statement added.
Rights will be deposited in investor portfolios on Monday, Nov. 8.
In October, the Capital Market Authority (CMA) approved Alkhaleej Training’s request to raise its capital through SAR 200 million rights issue, Argaam reported.
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