Shams postpones rights trading, new shares subscription to Nov. 27

Logo of Tourism Enterprise Co.

Tourism Enterprise Co. (Shams) announced amending the period for rights trading and new shares subscription, according to a statement on Tadawul. 

 The rights trading and new shares subscription will start on Nov. 27. The rights trading period will end on Dec. 4, while the new shares subscription will run until Dec. 7. 

According to data compiled by Argaam, Shams shareholders approved a 1,000% capital increase through SAR 525.67 million rights issue, granting10 rights for each existing share.

The rights trading and new shares subscription was to start today, Nov. 24, with rights trading to end on Dec. 1, while subscription to run until Dec. 6.

By increasing the capital, Shams aims to support working capital, enhance the company's financial solvency, and rehabilitate the current resort located in the eastern region.

It also aims to enter into tourism sector investments in support of the Kingdom's Vision 2030, which aims to increase and develop hospitality facilities and other tourism services in line with the plans of the General Entertainment Authority.

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