Development Works Food’s board recommends capital hike via SAR 216 mln rights issue

Logo of Development Works Food Co.

Development Works Food Co.'s board of directors recommended today, Dec. 9, a capital increase by SAR 216 million through a rights issue, according to a bourse filing.

The capital hike aims to support the company’s plans to diversify and expand its activities, automate production lines and make optimal use of its brand to cover all regions in the Kingdom. It further strives to achieve the firm’s future goals.

Shareholders on the day of the extraordinary general meeting (EGM), during which the capital increase is approved, are eligible. In addition, shareholders on record with Securities Depository Center (Edaa) on the second trading day following the EGM will be qualified.

The capital increase is subject to approvals from relevant official authorities and EGM.

The company will make announcements on the appointment of a financial advisor and the submission for the Capital Market Authority’s (CMA) approval in due course.

For More IPOs