Shams shareholders to approve capital increase via SAR 525.7 mln rights issue on Nov. 20

Logo of Tourism Enterprise Co. (Shams)

Shareholders of Tourism Enterprise Co. (Shams) will vote on a capital increase through a SAR 525.67 million rights issue, during the extraordinary general meeting (EGM) to be held on Nov. 20, the company said in a statement on Tadawul.

 

Capital Hike Details

Capital

SAR 52.57 mln

Number of shares

5.26 mln

Capital hike percentage

1,000% (10 rights per share)

Capital after increase

SAR 578.24 mln

Number of shares after increase

57.82 mln

Reason

Supporting working capital, enhancing the company’s financial solvency, rehabilitating the current resort located in the Eastern Province, and entering investments in the tourism sector in support of the Kingdom’s Vision 2030, which aims to increase and develop hospitality facilities and other tourism services in line with the future plans of the General Entertainment Authority

Method

Offering a rights issue worth SAR 525.67 mln

Record date

Nov. 20, 2022 (Shareholders registered with Edaa at the end of the second trading day, following the EGM date)

 

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