Amiantit issues prospectus for SAR 346.5M rights offering

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co. announced the prospectus for its capital increase through a SAR 346.5 million rights offering.

The company will offer 34.65 million shares at SAR 10 each, to increase the capital from SAR 99 million to SAR 445.5 million.

The company will use the rights issue proceeds in financing working capital by SAR 165 million during this year, to be divided equally on every quarter at SAR 41.25 million, in addition to repaying some bank liabilities by about SAR 157 million.

The company's shareholders will vote on the board’s recommendation to increase capital through a SAR 346.5 million rights offering, during an extraordinary general meeting (EGM) to be held on Feb. 20.

The Capital Market Authority (CMA) approved earlier this month the request received from the company to increase capital through a rights issue, as per Argaam's data.