Al Sorayai’s remaining rights issue shares 858.1% oversubscribed

Al Sorayai Trading And Industrial Group Company said its remaining rights issue were 858.1% oversubscribed, with a total value of SAR 28.60 million from 1.93 million shares at SAR 14.79 a share, the company said in a bourse filing on Sunday.

The net proceeds from the rights issue and fractional shares is SAR 9.25 million, it added, emphasizing the new shares will be added into shareholders accounts on Feb. 26.

On Feb. 9, 2020, Al Sorayai said 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 Saudi-based company began its rights issue on Monday, Jan. 27, to raise capital to SAR 178.16 million from SAR 65.5 million.

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
Additional Information
Financial Advisor and lead manager	Aljazira Capital
Underwriters	Aljazira Capital- Wasatah Capital

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Al Sorayai rights issue closes today

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