Naseej issues prospectus for capital hike via rights issue

Logo of Naseej International Trading Co.

Naseej International Trading Co. announced the prospectus for its capital increase through a SAR 163.5 million rights offering.

The company’s capital will be raised by 150% to SAR 272.43 million by offering 16.35 million shares at an offer price of SAR 10 each.

According to the prospectus, the company aims to increase its capital to raise its financial solvency, strategic expansion, and improve financial performance, borrowing rates, as well as costs incurred from it.

The company's shareholders will vote on the board's recommendation to increase capital during the extraordinary general assembly meeting, scheduled for Dec. 10, 2023.

The Capital Market Authority (CMA) approved, on Oct. 12, the request received from the company to increase capital through a rights issue, according to data available with Argaam.

Capital Increase Details
Current Capital	SAR 108.97 mln
Current Number of Shares	10.90 mln
Capital increase (%)	150%
New Capital	SAR 272.43 mln
Number of Shares after Increase	27.24 mln

Rights Issue Details
Offered Shares	16.35 mln
Offer Price	SAR 10
Issue Size	SAR 163.46 mln
Eligibility Ratio	Each listed shareholder shall have the right to subscribe to 1.5 shares per each owned share.
Rights Issue Proceeds (SAR mln)	Financing working capital	60.91
	Adjustment of term loans with commercial banks	33.00
	New production lines and capital projects	57.00
	Offering costs	12.55
	Total	163.46

Additional Information
Financial Advisor and Underwriter	Wasatah Capital
Lead Manager	Al-Nefaie Investment

For More IPOs

Prospectus

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