Shams issues prospectus to increase capital via SAR 525.67 mln rights issue

Logo of Tourism Enterprise Co. (Shams)

Tourism Enterprise Co. (Shams) announced today, Oct. 27, issuing the prospectus for its planned SAR 525.67 million rights issue on the Saudi Exchange (Tadawul).

 

The company plans to offer 52.56 million shares at SAR 10 a share, to increase capital by 1000%. The capital increase will go for financing the acquisition of four- and five-star hotels.

 

The Capital Market Authority (CMA) approved lately the company’s request to hike capital to SAR 578.24 million via a rights issue.

 

 

Key Highlights of Capital Increase

Current Capital

SAR 52.57 mln

Number of Shares

5.26 mln

Percentage of Increase

1,000% (10 shares for every one share)

New Capital

SAR 578.24 mln

New Number of Shares

57.82 mln
 

Key Highlights of Rights Issue

Number of Offered Shares

52.57 mln

Offering Price

SAR 10

Offering Size

SAR 525.67 mln

Eligibility Ratio

10 rights for every share

Record Date

Shareholders of record and those registered with Edaa on the second trading day after the general meeting.  

 

Proceeds

Acquisition of hotels

SAR 505.37 mln

Offering expenses

SAR 20.3 mln

Total

SAR 525.67 mln
 

 

Prospectus

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