Logo of Saudi Arabian Amiantit Co.
Saudi Arabian Amiantit Co. starts today, Feb. 27, subscription to new shares and rights trading to increase its capital by SAR 346.5 million to SAR 445.5 million from SAR 99 million.
The rights trading will end on March 5, while the subscription process will close on March 10.
The company plans to offer 34.65 million shares at SAR 10 each to increase capital by 350%. Each right holder will subscribe to 3.5 rights for each share.
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Details of Capital Increase |
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Current capital |
SAR 99.00 mln |
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Current number of shares |
9.90 mln |
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Capital after increase |
SAR 445.5 mln |
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Number of shares |
44.55 mln |
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Percentage of increase |
350% |
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Rights Issue Details |
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Offered shares |
34.65 mln |
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Offer Price |
SAR 10/share |
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Issue Size |
SAR 346.5 mln |
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Rights Subscription Period |
Feb. 27-March 10 |
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Rights Trading Period |
Feb. 27-March 5 |
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Reason |
To finance the working capital and repay some banking obligations |
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Record Date |
Feb. 20, 2024 |
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Eligibility Ratio |
3.5 rights for every share owned |
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Rights Issue Proceeds (SAR mln) |
Financing working capital |
165 |
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Repaying bank loans |
156.5 |
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Offering costs |
25 |
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Total |
346.5 |
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Additional Information |
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Financial advisor, and underwriter |
Wasatah Capital |
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Lead manager |
Al Nefaie Investment |
Right holders may subscribe, in whole or in part, to the new shares in proportion to the rights existing in their portfolios. For registered shareholders and new investors, rights trading and new share subscriptions will be as per the prospectus.
Any rump shares and fractional shares will be offered to institutional investors, according to the prospectus. Wasatah Capital will buy unsubscribed shares after the rump offering.
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