CMA approves Sadr Logistics’ SAR 150 mln rights issue

Logo of Sadr Logistics Co.

The Capital Market Authority (CMA) approved Sadr Logistics Co.'s request to increase its capital through a SAR 150 million rights issue.

The increase will be limited to shareholders who are registered in the shareholders register at the Security Depository Centre (Edaa) as of the closing of the second trading day after the extraordinary general meeting (EGM), which will be determined by the company's board of directors at a later date.

The offering price and the number of shares offered for subscription will be determined by the company after market closing of the same day on which the EGM is to be held.

The market regulator said its approval on the prospectus should never be considered as a recommendation to participate in the offer nor invest in the company's shares, as it merely means that the legal requirements as per the Capital Market Law and its implementing regulations have been met.

The company's board of directors approved, on January 3, a capital increase through SAR 150 million rights issue, Argaam reported.