Alhokair Group rights issue 94.91% subscribed

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Abdulmohsen Alhokair Group for Tourism and Development’s rights issue shares were 94.91% subscribed, as subscribers injected SAR 291.37 million to subscribe to 29.14 million shares, the company said in a bourse filing.

The remaining shares will be reoffered to institutional investors on a pro rata basis from Aug. 10-11.

The rump shares will be offered to a number of institutional investors, provided that those institutions submit purchase offers.

The remaining shares will be allocated to institutional investors by giving priority to the highest bid, then the lowest and the lowest (provided that it is not less than the offering price), with shares being 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, those will be allocated to the underwriter who will purchase them at the offering price.

Alhokair Group’s rights subscription period ended Aug. 5, Argaam reported.

The subscription started on July 26, to increase the company’s capital from SAR 343 million to SAR 650 million, through a rights issue of 30.7 million shares at SAR 10 per share.

Rights trading period, which also started on July 26, ended on Aug 2, 2021.

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