Lazurde says rights trading, subscription to begin on June 7

A branch of Lazurde

Lazurde Company for Jewelry (Lazurde) announced in a bourse statement today, June 6, 2021, the specification of the period for rights issue trading and new shares subscription.

Trading period for rights issue and subscription for new shares will begin on June 7, 2021. Rights issue trading period will end on June 14, while subscription for new shares will go on till June 17.

Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number available in their portfolios. Trading in rights issue and subscription to new shares for registered shareholders and new investors will be as per the prospectus.

In the event that shares remain unsubscribed, those remaining shares and fractional shares (if any) will be offered to institutional investors according to the prospectus, as will the financial advisor and the underwriter Samba Capital & Investment Management Co. (Samba Capital) will undertake to underwrite the rights issue if the entire subscription is not fully covered.

Investors not willing to subscribe must sell the rights issue during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription.

According to data compiled by Argaam, Lazurde’s shareholders approved the board of directors’ recommendation to increase capital to SAR 575 million through a rights issue worth SAR 145 million, during the extraordinary general assembly meeting (EGM) held on June 2, 2021.

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