Lazurde says rights issue 88.12% subscribed

Logo of Lazurde Company for Jewelry

Lazurde Company for Jewelry (Lazurde) announced in a bourse statement the results of the rights issue trading and new shares subscription, as well as the details of unsubscribed shares sale.

The remaining shares will be offered to institutional investors, provided they submit purchase offers for the rump shares, which will be allocated by giving priority to the highest bid, followed the lowest, provided that it is not less than the offering price.

Shares will be allocated on a proportional basis among those institutional investors that have tendered offers at the same price.

In the event shares remain unpurchased by institutional investors, then they will be allocated to the underwriter who will purchase them at the offering price, the statement added.

The rump offering for unsubscribed shares, amounting to 1.72 million shares, will start on Tuesday, June 22, and will continue until on Wednesday, June 23.

Lazurde’s subscription period for the rights issue ended on June 17, according to data available with Argaam.

The subscription period began on June 7, by offering 14.5 million shares of priority rights at a price of SAR 10 per share, with a total value of SAR 145 million, in order to increase the company's capital from SAR 430 million to SAR 575 million.

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