Ash-Sharqiyah Development shareholders to vote on capital hike via rights issue on April 11

Logo of Ash-Sharqiyah Development Co.

Ash-Sharqiyah Development Co.’s shareholders will vote on increasing capital through a SAR 225 million rights offering, during the extraordinary general meeting (EGM) scheduled for April 11, the company said in a statement to Tadawul.

 

Capital Hike Details

Current Capital

SAR 75 mln

Current Number of Shares

7.5 mln

Percentage of Increase

300%

New Capital

SAR 300 mln

New Number of Shares

30 mln
 

Rights Issue Details

Offer Shares

22.5 mln

Offer Price

SAR 10/share

Issue Size

SAR 225 mln

Eligibility Ratio

Each listed shareholder can subscribe to three rights for each owned share

Record Date

April 11, 2023, including shareholders who are registered with Edaa by the close of trading on the second trading day after the EGM

Rights Issue Proceeds

Company's business expansion in the poultry sector

SAR 177.3 mln

Payment of obligations and liabilities

SAR 29 mln

Working capital

SAR 15 mln

Offering costs

SAR 3.7 mln

 

Total

SAR 225 mln

 

The meeting’s agenda includes voting on amending the articles related to the capital increase, and amending the company’s bylaws in accordance with the new Companies Law.

 

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