Tourism Enterprise Co. (Shams)

Tourism Enterprise Co.'s (Shams) board of directors approved, on Feb. 15, amending its recommendation to increase capital by offering rights issue from SAR 315.40 million to SAR 525.24 million.

 

Capital Increase Details

Capital after increase

SAR 52.57 mln

Number of shares before increase

5.26 mln

Capital hike%

1000% (through issuance of 10 shares for each share)

Capital after increase

SAR 578.24 mln

Number of shares after increase

57.82 mln

Reason for increase

To support working capital, enhance financial solvency, rehabilitate the current resort in the Eastern Province, and invest in the tourism sector to support Vision 2030, which aims to boost and develop hospitality facilities and other tourism services in line with the future plans of the General Entertainment Authority.

Method of increase

Issuance of rights shares worth SAR 525.24 million.
 

The company added that the process of increasing its capital by offering priority rights is subject to the approval of the official authorities and the approval of its extraordinary general assembly.

 

Any new developments will be announced in due course.

 

The company's shareholders approved, in December 2021, the board's recommendation on reducing capital by 48.21% to SAR 52.57 million, from SAR 101.5 million, according to Argaam’s data.

 

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