Raydan Food Co. issued the prospectus for its capital hike through a SAR 112.5 million rights issue on the Capital Market Authority’s (CMA) website, according to a bourse statement.

 

In May 2021, the CMA approved Raydan's request to increase its capital through a SAR 112.5 million rights issue.

 

The net proceeds from the offering will be used mainly to support the expansion of the company's activity and increase the working capital to promote its operational capacity and support future activity.

 

Shareholders will e-vote on approving the capital increase, set the offering price, and amend the articles of association, during the extraordinary general meeting (EGM) scheduled on July 13.

 

Capital Hike Details

Capital

SAR 225 mln

Number of shares

22.50 mln

Capital hike percentage

50%

Capital after increase

SAR 337.5 mln

Number of shares after increase

33.75 mln

 

Rights Issue Details

Number of shares offered

11.25 mln

Offering price per share

SAR 10

Issue size

SAR 112.5 mln

Rights coefficient

Each listed shareholder will be granted1 rights share for every 2 share owned

Record date

Shareholders who own the shares by the end of trading on the date of the EGM, and of record by the close of trading on the second day following the EGM date

Rights issue proceeds

Completion of Al-Zaydi project

SAR 4 mln

Completion of Al Madinah project

SAR 4.5 mln

Construction of the new university branch

SAR 4 mln

Apply the new identity

SAR 15 mln

Establishing new branches

SAR 10 mln

Factory and service centers

SAR 20 mln

Repayment of loans

SAR 10 mln

Investment amounts

SAR 9.35 mln

Working capital

SAR 30.72 mln

Offering costs

SAR 4.93 mln
Right Issue Prospectus

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CMA approves Raydan's capital hike through SAR 112.5 mln rights issue

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