Naseej shareholders approve capital hike to SAR 211.6 mln via rights issue

07/11/2021 Argaam

Logo of Naseej International Trading Co.


Naseej International Trading Co.’s shareholders approved the board’s recommendation to increase capital to SAR 211.6 million from SAR 61.6 million, via a SAR 150 million rights issue, during the extraordinary general meeting (EGM) held on Nov. 4, according to a bourse filing.

 

 Capital Increase Details

Current Capital

SAR 61.63 mln

Number of Shares

6.16 mln 

Capital Hike%

243.38% 

Capital After Increase

SAR 211.63 mln

Number of Shares After Increase

21.16 mln

Method of Increase

Offering and listing 15 mln rights shares

Reasons for Capital Increase

To raise the company’s solvency, undertake strategic expansions, improve the financial performance as well as borrowing rates and its related costs.

Record Date

Nov. 4, 2021 for shareholders of record on the second trading day following the EGM.

 

 The fluctuation limits will be based on a share price of SAR 38.85 and the outstanding orders will be canceled, Tadawul said in a separate bourse filing.

 

Rights will be deposited into investor portfolios on Nov. 9, 2021, the statement added.

 

In September 2020, Naseej 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, Argaam reported. The company’s board of directors had also recommended a capital hike through SAR 150 million rights issue to be implemented following the capital cut.

 

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