Savola shareholders to vote on capital hike through rights issue on Aug. 25

04/08/2024 Argaam
Savola Groupheadquarters

Savola Group headquarters


Savola Group shareholders will vote on increasing capital by SAR 6 billion via a rights issue during an extraordinary general meeting (EGM) scheduled for Aug. 25, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 5.339 bln

Current Number of Shares

533.98 mln

New Capital

SAR 11.339 bln

New Number of Shares

1.133 bln

Capital Hike (%)

112.36% (or 1.1236 rights share for every 1 held share)

Offer Price

SAR 10

Reason for Increase

To enable the company to strengthen its financial position and support its future investment portfolio by paying off its debts and enabling it to distribute its shares in Almarai Co. to Savola’s eligible shareholders through a capital reduction following the rights issue

Method

SAR 6 bln rights issue

Record Date

If shareholders agree to the capital increase, eligible shareholders will be those who own shares at the end of trading on the EGM date and registered in with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date

 

In February, Savola’s board recommended increasing capital via a SAR 6 billion rights issue and distributing its entire 34.52% stake in Almarai Co. to eligible shareholders, pending necessary approvals and the convention of an EGM, data compiled with Argaam showed.

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