Shams shareholders approve 1,000% capital increase via SAR 525.7 mln rights issue

Logo of Tourism Enterprise Co.

Shareholders of Tourism Enterprise Co. (Shams) approved a 1,000% capital increase through a SAR 525.67 million rights issue, during the extraordinary general meeting (EGM) held on Nov. 20, the company said in a statement on Tadawul.

Capital Hike Details
Current 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 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)

In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limit will be based on a share price of SAR 21.94 and the outstanding orders will be cancelled today, Nov. 21.

Additionally, the rights will be deposited into shareholders' accounts on Nov. 23.

For More IPOs

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Most Read

Market Indices

Quotes

Popular Links

Quick Links

About Us

Join Us

Follow Us