Anaam rights trading, new shares subscription to begin on May 23

Logo of Anaam International Holding Group

Anaam International Holding Group’s subscription to new shares and rights trading will begin on May 23, according to a bourse filing today, May 19.

The rights trading will close on May 30, while the subscription to the new shares will end on June 2.

Rights holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios. The rights trading and subscription to new shares for registered shareholders and new investors will be as per the prospectus.

The remaining and fractional shares, if any, will be offered to institutional investors, according to the prospectus.

Wasatah Capital will underwrite the rights issue if the entire subscription is not fully covered.

Investors, who are not willing to subscribe, must sell their rights during the specified trading period to avoid the decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription, the insurer said.

Last week, the company’s shareholders approved the board’s recommendation to increase capital to SAR 315 million from SAR 105 million via a SAR 210 million rights issue during the extraordinary general meeting (EGM) held on May 17.

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