Amiantit shareholders disapprove capital hike via rights issue

Logo of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co.’s shareholders disapproved the board's recommendation on increasing capital through a SAR 346.5 million rights offering, during the extraordinary general meeting (EGM) held on May 11, the company said in a statement to Tadawul.

 

On the other hand, they approved the other agenda items, including the amendment to the company's bylaws in line with the New Companies Law. Shareholders also discharged board members from liability for 2022. 

 

Last December, the Capital Market Authority (CMA) gave the go-ahead for Amiantit's request to increase its capital through a rights issue worth SAR 346.5 million, according to data available with Argaam. 

 

Capital Hike Details

Current Capital

SAR 99 mln

Current Number of Shares

9.9 mln

Percentage Increase

350%

New Capital

SAR 445.5 mln

New Number of Shares

44.6 mln
 

Rights Issue Details

Offer Shares

34.65 mln

Offer Price

SAR 10/share

Issue Size

SAR 346.50 mln

Eligibility Ratio

Each shareholder shall have the right to subscribe to nearly 3.5 rights for each owned share

Record Date

May 11, 2023 (Shareholders registered with Edaa by the close of trading on the second trading day after the EGM date)

Rights Issue Proceeds

Purchase of spare parts for maintenance and production

SAR 21.44 mln

Working capital

SAR 311.06 mln

Offering costs

SAR 14.00 mln

 

Total

SAR 346.5 mln
 

 

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