Anaam International Holding Group issued prospectus for its SAR 90 million rights issue through offering 9 million shares, the company said in a bourse filing on Tuesday.

 

The offering price was set at SAR 10 per share, to increase capital from SAR 15 million to SAR 105 million.

 

Anaam’s shareholders will vote on the board of directors’ recommendation to increase capital in the extraordinary general meeting (EGM) scheduled for Oct. 27, following the approval of the Capital Market Authority (CMA) last September, Argaam reported.

  

Capital Hike Details

Current Capital

SAR 15 mln

Number of shares

1.5 mln shares

Capital hike percentage

600% of issued capital

Capital after increase

SAR 105 mln

Number of shares after increase

10.5 mln shares

Rights Issue Details

Number of rights shares

9  million shares

Offering price per share

SAR 10

Size of issue

SAR 90 mln

Record date

Shareholders of record by the close of trading on the second day following the EGM date

Rights issue proceeds

To finance the restructuring of Anaam’s business activities, to include logistics services in the food sector, agricultural business and investment in income-generating assets

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Anaam to vote on capital hike on Oct. 27

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