Amiantit shareholders to vote on capital hike via rights issue on May 11

07/03/2023 Argaam
Logo ofSaudi Arabian Amiantit Co.

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co.’s shareholders will vote on increasing capital through a SAR 346.5 million rights offering, during the extraordinary general meeting (EGM) scheduled for May 11, the company said in a statement to Tadawul.

 

Capital Hike Details

Current Capital

SAR 99 mln

Current Number of Shares

9.9 mln

Percentage Increase

350%

New Capital

SAR 445.5 mln

New Number of Shares

44.6 mln
 

Rights Issue Details

Offer Shares

34.65 mln

Offer Price

SAR 10/share

Issue Size

SAR 346.50 mln

Eligibility Ratio

Each listed shareholder shall have the right to subscribe to nearly 3.5 rights for each owned share

Record Date

May 11, 2023, including shareholders who are registered with Edaa by the close of trading on the second trading day after this date.

Rights Issue Proceeds

Purchase of spare parts for maintenance and production

SAR 21.44 mln

Working capital

SAR 311.06 mln

Offering costs

SAR 14.00 mln

 

Total

SAR 346.5 mln
 

The meeting’s agenda includes a number of other items such as voting on discharging the board members from liability for 2022 and disbursing SAR 1 million as remuneration to the board members for the same year.

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