Al Sorayai Trading and Industrial Group announced in a bourse filling on Jan. 26 that it issued the capital hike prospectus.

 

On Jan. 22, Al Sorayai shareholders approved a capital hike to SAR 178.160 million from SAR 65.500 million, through rights issue worth SAR 112.660 million.

 

The company asserted in its prospectus that it will disclose the subscription results and the details of selling operation for the remaining shares, noting that the remaining shares will be re-offered on Feb. 9.

 

Al Sorayai will also announce the final allocation on Feb. 16, as the new shares will be added into shareholders accounts on Feb. 26.

 

According to data compiled by Argaam, new shares and the rights trading will start on Jan. 27 and end on Feb. 3, while the subscription to the new shares will close on Feb. 6.

 

Key Figures of the Capital Hike

Current Capital

SAR 65.5 mln

Number of shares

6.55 mln

Hike %

172%

New Capital

SAR 178.16

New number of shares

17.82 mln

Key Figures of the Rights Issue

Number of rights issue shares

11.27 mln

Offering price

SAR 10

Offering size

SAR 112.66 mln

Record date

Jan.22

Eligibility

1.72 right for every 1 share held

Beginning of rights issue trading period and new shares subscription

January 27, 2020

End of rights issue trading period

February 3, 2020

End of new shares subscription period

February 6, 2020

Use of rights issue proceeds

Supporting the strategic trend and raising the solvency margin of the group by restructuring and implementing an action plan that focuses on its core activities

Additional Information

Financial Advisor and lead manager

Aljazira Capital

Underwriter

Aljazira Capital- Wasatah Capital

 

Alsorayai-Rights Issue-Prospectus_Redherring

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