Savola appoints Riyad Capital as financial advisor on rights issue

14/03/2024 Argaam
Savola headquarters

Savola headquarters

Savola Group appointed Riyad Capital as financial advisor to manage the subscription of the capital increase via a rights issue, the company said in a statement to Tadawul today, March 14.

 

An announcement will be made upon submitting the application for the rights issue to the Capital Market Authority (CMA), Savola said. It added that any other material developments in this regard will be duly revealed, in accordance with CMA’s regulations and the Saudi Exchange’s (Tadawul) rules.

 

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The company's board of directors recommended, on Feb. 6, to increase capital by SAR 6 billion through a rights issue. This is aimed to allow Savola to strengthen its financial position and bolster its investment portfolio, while paying off debts, according to Argaam's data.

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