Logo of Saudi Real Estate Co.
Saudi Real Estate Co. (Al Akaria) subscription to new shares and rights trading begin today, May 30, to increase capital by 56.25% to SAR 3.75 million from SAR 2.4 million.
Rights trading will end on June 6, while subscription to the new shares will close on June 9.
The developer intends to offer 135 million shares, at SAR 11.80 each, granting each registered shareholder on the record date 0.5625 rights for every share held.
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Capital Increase Details |
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Current capital |
SAR 2.4 bln |
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Number of shares |
240 mln |
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Capital increase (%) |
56.25% |
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Capital after increase |
SAR 3.75 bln |
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Number of shares after increase |
375 mln |
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Rights Issue Details |
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Number of shares offered |
135 mln |
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Offer price |
SAR 11.80 |
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Size of issue |
SAR 1.593 bln |
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Eligibility ratio |
Each shareholder of record will be granted 0.5625 rights for every share owned |
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Record date |
May 18, 2022, including shareholders registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general meeting. |
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Rights issue proceeds |
Financing and implementing the company's plans and future projects, and expanding its various activities in addition to paying off part of the credit facilities. |
Rights issue 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. Trading in rights issue and subscription to new shares for registered shareholders and new investors will be as per the prospectus.
In the event that shares remain unsubscribed, remaining and fractional shares, if any, will be offered to institutional investors, according to the prospectus.
SNB Capital Co. will underwrite the rights issue if the entire subscription is not fully covered.
Investors not willing to subscribe must sell the rights issue during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription.
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