Al Sorayai Trading And Industrial Group Company said in a bourse statement that investors subscribed to 9.3 million out of 11.27 million right shares at a total value of SAR 93.32 million.
The offering was 82.83% subscribed.
The remaining shares amounting to 1.934 million will be reoffered to institutional investors pro rata as of Feb. 11-12, 2020.
Al Sorayai began its rights issue on Monday, Jan. 27 to raise capital to SAR 178.16 million from SAR 65.5 million. Rights trading closed on Feb. 3.
Aljazira Capital, the offering financial advisor and lead manager, had earlier said that rights holders were entitled to subscribe to the new shares partially or fully pro rata.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 65.5 mln |
|
Number of shares |
6.55 mln |
|
Hike % |
172% |
|
New Capital |
SAR 178.16 mln |
|
New number of shares |
17.82 mln |
|
Key Figures of the Rights Issue |
|
|
Number of right shares |
11.27 mln |
|
Offering price |
SAR 10 |
|
Offering size |
SAR 112.66 mln |
|
Record date |
Jan. 22, 2020 |
|
Eligibility |
1.72 rights for every 1 share held |
|
Beginning of rights trading period and new shares subscription |
Jan. 27, 2020 |
|
End of rights trading period |
Feb. 3, 2020 |
|
End of new shares subscription period |
Feb. 6, 2020 |
|
Use of rights issue proceeds |
Supporting the group’s strategic plan and raising its solvency margin by restructuring and implementing an action plan that focuses on its core activities |
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Additional Information |
|
|
Financial Advisor and lead manager |
Aljazira Capital |
|
Underwriters |
Aljazira Capital- Wasatah Capital |
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