Logo of Ash-Sharqiyah Development Co.
Ash-Sharqiyah Development Co. announced the prospectus for its capital increase through a SAR 225 million rights issue.
The company will offer 22.5 million shares at SAR 10 each. This is to increase capital by 300% to reach SAR 300 million.
Ash-Sharqiyah Development intends to direct the offering proceeds to gradually bring its operational plan into force. The company's management will use these proceeds to start implementing the integrated poultry project.
The company will mainly finance its expansion plans in the poultry segment through the development of an integrated project consisting of three sub-projects: A broiler breeding, a slaughterhouse and an incubator. Part of the offering proceeds will also be used to finance the working capital requirements and reduce liabilities and debt ratio.
The Capital Market Authority (CMA) approved, in November 2022, the company's application to increase its capital to SAR 225 million through a rights issue.
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Capital Hike Details |
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Current Capital |
SAR 75 mln |
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Number of Shares |
7.5 mln |
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Percentage Increase |
300% |
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New Capital |
SAR 300 mln |
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Number of Shares |
30 mln |
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Rights Issue Details |
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Offered Shares |
22.5 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 225 mln |
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Eligibility |
Each listed shareholder shall have the right to subscribe to three shares per each owned share |
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Record Date |
Shareholders of record by the end of the trading day of the company’s ordinary general meeting (OGM) date and those registered with the Securities Depository Center Company (Edaa) by the end of the second trading day after the OGM |
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Rights Issue Proceeds |
Expansion in the poultry business |
SAR 177.3 mln |
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Payment of liabilities |
SAR 29 mln |
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Working capital |
SAR 15 mln |
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Payment of the offering fees and costs |
SAR 3.7 mln |
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Total |
SAR 225.0 mln |
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Additional Information |
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Financial Advisor, Lead Manager, Lead Bookrunner & Underwriter |
Al Khair Capital |
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