Raydan Food rights issue 97.26% subscribed

A branch of Raydan Food

Raydan Food Co.’s rights issue shares were 97.26% subscribed, as subscribers injected SAR 109.42 million to subscribe to 10.94 million shares, the company said in a bourse filing.

The remaining shares will be reoffered to institutional investors on a pro rata basis on Aug. 24-25. 

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.

Raydan Food’s rights subscription period ended Aug. 19, Argaam reported.

The subscription started on Aug. 9, to increase the company’s capital from SAR 225 million to SAR 337.5 million, through a rights issue of 11.25 million shares at SAR 10 per share.

Rights trading period, which also started on Aug. 9, ended on Aug 16, 2021.

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