Al-Sorayai Trading and Industrial Group’ shareholders approved, during the extraordinary general assembly held on Jan. 22, a capital hike to SAR 178.160 million from SAR 65.500 million, through rights issue worth SAR 112.660 million, according to a bourse filing.

 

In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits of Al-Sorayai today Jan. 23 will be based on a share price of SAR 18.90.

 

In addition, the Securities Depository Center (Edaa) will deposit the company’s rights into investor’s portfolios by Monday Jan. 27.

 

On Dec. 25, 2019, Al-Sorayai received an approval from the Capital Market Authority (CMA) to increase its capital by SAR 112.660 million.

 

Key Figures of the Capital Hike

Current capital

SAR 65.5 mln

Current number of shares

6.55 mln

Capital hike percentage

172%

New capital

SAR 178.16 mln

New number of shares

17.81 mln

Reason for capital hike

To boost the group’ solvency through restructuring, and develop a business plan focusing on the group’s core activities.

Right shares

11.27 mln

Record date

The second trading day following the EGM

 

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