CMA approves Batic’s capital hike via SAR 300 mln rights issue

Logo of Batic Investments and Logistics Co.

The Capital Market Authority (CMA) approved Batic Investments and Logistics Co.'s request to increase its capital through a SAR 300 million rights issue.

The increase will be limited to shareholders who are registered in the shareholders register at the Security Depository Centre (Edaa) as of the closing of the second trading day after the extraordinary general meeting (EGM), which will be determined by the company's board of directors at a later date.

The offering price and the number of shares offered for subscription will be determined by the company after market closing of the same day on which the EGM is to be held.

The market regulator said its approval on the prospectus should never be considered as a recommendation to participate in the offer nor invest in the company's shares, as it merely means that the legal requirements as per the Capital Market Law and its implementing regulations have been met.

The company's board of directors approved in April, a capital increase through SAR 300 million rights issue to increase capital from SAR 300 million to SAR 600 million, Argaam reported.