Ash-sharqiyah pays SAR 26.49 mln compensation for unsubscribed rights issue shares

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Ash-sharqiyah Development Co. announced, in a Tadawul filing, that a total of SAR 26.49 million was distributed today, June 12, as compensation to rights issue owners who did not exercise their rights to subscribe to the new shares.

 

The amount was deposited in the bank accounts of eligible investors.

 

Subscription to new shares and rights trading ended on May 23, Argaam data showed.

 

The company's subscription to new shares and rights trading began, on May 11, to increase capital by 300%, or SAR 225 million, to SAR 300 million from SAR 75 million by offering 22.5 million shares at SAR 10 each.

 

Ash-Sharqiyah earlier announced that its rights issue was 86.28% covered, with 19.41 million out of 22.5 million offered shares subscribed.

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