Al Kathiri's board recommends capital hike through SAR 45.2 mln rights issue

Al Kathiri Holding Co.'s board of directors recommended on Nov. 14 capital hike through a SAR 45.2 million rights issue, the company said in a bourse statement on Sunday.

The capital hike aims to support the company's expansions and boost working capital to increase its operating capacity and support future projects.

The process is pending approvals from the extraordinary general assembly meeting and market regulator.

Shareholders of record on the second day after the extraordinary general meeting will be eligible to participate in the offering.

Falcom Financial Services was appointed as financial advisor for the offering on Nov. 14.

Al Kathiri completed transition from Nomu Parallel Market to Tadawul on No. 3, 2019. The company has SAR 45.21 million capital, divided into 4.52 million shares, Argaam reported.

Transition to the main market will attract more investors to Al Kathiri and boost its growth going forward, according to the company's CEO.