Naseej board proposes capital increase via SAR 109 mln rights issue

12/09/2022 Argaam
Logo of Naseej International Trading Co.

Logo of Naseej International Trading Co.

Naseej International Trading Co.'s board of directors recommended today, Sept. 12, increasing capital through rights issue valued at SAR 108.97 million.

 

In a bourse filing, the company said that the capital increase aims to reduce loan rate, boost working capital and support its transformation project by implementing strategic units.

 

The capital top-up approval needs a nod from authorities and the company's extraordinary general assembly (EGM).

 

Shareholders of record on the EGM date and registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date are eligible for the offer.

 

Wasatah Capital has been appointed as the financial advisor for the offering, the company said.

 

An announcement will be made when the capital increase application file is submitted to the Capital Market Authority and if there are any future developments in this regard.

 

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