Shams names Wasatah Capital as financial advisor for rights issue

23/12/2021 Argaam

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Tourism Enterprise Co. (Shams) announced today, Dec. 23, the appointment of Wasatah Capital as the financial advisor for its capital hike through a rights issue.

 

The company will make an announcement in the event of submitting the rights issue application file for the Capital Market Authority’s (CMA) approval, the company said in a bourse filing.

 

Any future developments will be announced once they are available.

 

According to data compiled by Argaam, the company’s shareholders approved a board recommendation of a 48.21% capital reduction to SAR 52.57 million from SAR 101.5 million, during the extraordinary general assembly meeting (EGM) held on Dec. 9.

 

In August, the company’s board of directors approved amending the recommendation on reducing capital by 48.21% to SAR 52.57 million, due to the losses incurred in Q2 2021.

 

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