Ash-Sharqiyah Development says rump offering 613.8% oversubscribed

Logo of Ash-Sharqiyah Development Co.

Ash-Sharqiyah Development Co. announced that the rump offering was 613.79% oversubscribed, according to a statement to Tadawul.

 

Offering Details

Number of Shares Sold

3.09 mln 

Total Proceeds from Selling Rump Shares

SAR 57.37 mln

Coverage Ratio (%)

613.79 %

Average Selling Price per Share

SAR 18.58

Net Compensation for Holders of Rights & Fractional Shares 

SAR 26.49 mln

Date of Depositing Shares in Shareholders’ Accounts

June 5, 2023
 

Subscription to new shares and rights trading ended on May 23, Argaam data showed.

 

The company's subscription to new shares and rights trading began, on May 11, to increase capital by 300%, or SAR 225 million, to SAR 300 million from SAR 75 million, through offering 22.5 million shares at SAR 10 each, according to data available with Argaam.

 

Ash-Sharqiyah Development Co. announced that its rights issue was 86.28% covered, with 19.41 million out of 22.5 million offered shares subscribed, according to Argaam.

 

 

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Ash-Sharqiyah rights issue 86.28% covered

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