Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co.’s shareholders approved the board of directors’ recommendation to increase capital via a SAR 120 million rights issue, during the extraordinary general meeting (EGM) held on Feb. 21, according to a bourse filing.

 

Capital Hike Details

Current Capital

SAR 177 mln

Number of Shares

17.7 mln 

Capital Hike (%)

67.79%

New Capital

SAR 297 mln

Number of Shares After Increase

29.7 mln 
 

Dates of the rights trading as well as subscription to the new shares will be announced later.

 

On Dec. 13, 2021, the Capital Market Authority (CMA) approved Al-Baha’s application to increase capital through SAR 120 million rights issue, Argaam reported.

 

Rights Issue Details

Number of offered shares

12 mln shares

Offering price per share

SAR 10

Size of issue

SAR 120 mln

Eligibility coefficient

Nearly 0.68 right for every share held

Record date

Feb. 21, 2022 (Shareholders of record by the close of trading on the second day following the EGM date

Rights issue proceeds

Investment in diversified income generating assets

SAR 90.43 mln

Payment of dues to the Zakat, Tax and Customs Authority

SAR 14.85 mln

Payment of deposits of auction shares under settlement

SAR 10.72 mln

Payment of the offering fees and costs

SAR 4.00 mln

 

The fluctuation limits will be based on a share price of SAR 24.04 and the outstanding orders will be canceled. Thus, Al Baha rights will be deposited into applicable investor’s portfolios on Feb. 27.

 

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