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Al-Baha Investment and Development Co.’s announced the details of the rights issue and the subscription to the new shares, as follows:

 

Subscription Details

Total Offered Shares

12 mln 

Number of Subscribed Shares

10.74 mln

Subscription Value

SAR 107.36 mln

Coverage Ratio

89.46%

Rump Shares

1.26 mln

Offering Date of Rump Shares

March 15-16, 2022
 

Rump shares will be offered to a number of institutional investors, provided that those institutions submit purchase offers for the rump shares.

 

Remaining shares will be allocated to institutional investors pro rata. Unsubscribed shares will be offered to the underwriter at the offering price.

 

Al-Baha shareholders approved the board of directors’ recommendation to increase capital to SAR 297 million from SAR 177 million through a SAR 120 million rights issue during the extraordinary general meeting (EGM) held on Feb. 21, Argaam reported.

 

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