Saudi Arabian Amiantit Co. issued prospectus for its SAR 120 million rights issue, the company said in a bourse filing on Sunday.

 

Amiantit set the offering price at SAR 10 a share, to increase capital from SAR 200 million to SAR 320 million, through floating 120 million shares.

 

The rights issue proceeds net of offering fees and costs will be used to finance working capital needs, and repay the dues of suppliers and banks.

 

On Oct. 1, the Capital Market Authority (CMA) approved Amiantit’s request to reduce its capital to SAR 200 million from SAR 344.52 million, Argaam reported.

 

Key Figures of the Capital Hike

Current Capital

SAR 200 mln

Number of shares

20 mln shares

Hike (%)

60%

New capital

SAR 320 mln

Number of shares after increase

32 mln shares

Key Figures of the Rights Issue

Number of rights issue shares

12 mln shares

Issue price

SAR 10

Issue size

SAR 120 mln

Record date

End of second trading day after the extraordinary general meeting date.

Use of proceeds

Net proceeds will go for financing the working capital as well as repaying the dues of suppliers and banks.

Additional Information

Financial advisor 

Wasatah Capital

Lead manager

Aljazira Capital
 

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