Logo of Naseej International Trading Co.

Naseej International Trading Co.’s rights trading will end today, Nov. 16, according to a bourse filing.

 

Subscription to new shares and rights trading began on Nov. 9, to increase capital from SAR 61.6 million to SAR 211.6 million.

 

Subscription to the new shares will close on Nov. 21.

 

Rights holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios.

 

Details of Capital Increase 

Current capital 

SAR 61.63 mln 

Number of shares 

6.16 mln 

Capital increase (%) 

243.38% 

Capital after increase 

SAR 211.63 mln 

Number of shares after increase 

21.16 mln 
 

Rights Issue Details 

Number of shares offered 

15 mln 

Offering price  

SAR 10 per share 

Issue size 

SAR 150 mln 

Rights trading period

Nov. 9-16

Subscription period

Nov. 9-21

Reason for capital hike

To boost solvency as well as financial performance, carry out strategic expansions, and optimize borrowing rates and its related costs.

Record date 

Nov. 4 (Shareholders of record 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 purposes)

SAR 45.8 mln

Expanding yarn extrusion lines                                

SAR 8 mln

Upgrading the rug and carpet rolls collection plant

SAR 2 mln

Issue costs

SAR 7.5 mln
 

Earlier this month, Naseej shareholders approved the board’s recommendation to increase capital to SAR 211.6 million from SAR 61.6 million, via a SAR 150 million rights issue, during the extraordinary general meeting (EGM) held on Nov. 4, according to Argaam.

 

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