Amiantit sets rights trading, new shares subscription period

Logo of Saudi Arabian Amiantit Co. 

Saudi Arabian Amiantit Co. will start on Feb. 27, subscription to new shares and rights trading to increase its capital by 350%.

Rights trading will end on March 5, while subscription to the new shares will close on March 10.

For More IPOs

Rights holders may exercise their subscription right, in whole or in part, to the new shares in proportion to the rights existing in their portfolios. Rights trading and new shares subscription will be carried out as per the prospectus.

Any unsubscribed shares and fractional shares will be offered to institutional investors, in accordance with the details set in the prospectus. Wasatah Capital will underwrite the new shares that remain unsubscribed after the rump offering.

Investors who do not wish to subscribe should note the importance of selling their rights during the specified trading period, so as not to be exposed to a loss in the value of their investment portfolios as a result of not benefiting from their rights by sale or subscription.

According to data compiled by Argaam, shareholders gave the green light to increase capital by 350% through a SAR 346.5 million rights offering, during the extraordinary general meeting (EGM) held on Feb. 20.