Arabian Pipes Co. announced today the prospectus for its capital increase through offering rights issue shares worth SAR 300 million.
Capital will be increased to SAR 400 million, through offering 30 million rights issue shares at a nominal value of SAR 10 each.
The capital increase is aimed to fulfill the requirements of the working capital, boost financial solvency, reduce borrowing rate and pay dues to suppliers and banks.
The Capital Market Authority (CMA) approved in March the request received from the company to increase capital through SAR 300 million rights issue, as per Argaam's data.
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Capital Hike Details |
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Current Capital |
SAR 100 mln |
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Number of shares |
10 mln shares |
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Capital hike% |
300% |
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Capital after increase |
SAR 400 mln |
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Number of shares after increase |
40 mln shares |
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Rights Issue Details |
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Number of Shares Offered |
30 mln shares |
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Offer price |
SAR 10 |
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Size of issue |
SAR 300 mln |
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Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 3 shares per each owned share. |
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Record date |
The increase will be limited to the shareholders who are registered in the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general meeting (EGM). |
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Rights issue proceeds |
Pay dues to suppliers and banks |
SAR 150 mln |
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Working capital |
SAR 85 mln |
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Investment amounts |
SAR 60 mln |
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Payment of the Offering fees and costs |
SAR 5 mln |
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