Naseej issues prospectus for SAR 150 mln rights issue

Capital Increase Details

Current Capital

SAR 61.63 mln

Number of Shares

6.16 mln

Capital Hike %

243.38 %

Capital after Increase

SAR 211.63 mln

Number of Shares after Increase

21.16 mln

Rights Issue Details

Number of Rights Shares

15 mln

Offering Price Per Share

SAR 10

Issue Size

SAR 150 mln

Eligibility Coefficient

One share for each 2.43 shares held

Record Date

Shareholders of record at the end of trading on the EGM date, and those enrolled on the Securities Depository Center (Edaa) by the end of the second trading day following the EGM date.

Rights Issue Proceeds

Settlement of term loans with commercial banks

SAR 86.7 mln

Working capital (raw materials for yarn products, rugs, carpets, and purchase of finished products for the commercial sector)

SAR 45.8 mln

Extension of yarn extrusion lines                                

SAR 8 mln

Upgrading the rug and carpet rolls collection plant

SAR 2 mln

Issue costs

SAR 7.5 mln