Development Works Food issues prospectus for SAR 216 mln rights offering

Logo of Development Works Food Co.

Development Works Food Co. announced the prospectus for its SAR 216 million rights issue, aimed at increasing capital from SAR 30 million to SAR 246 million.

The company will issue 21.6 million new shares at SAR 10 each.

Development Works Food will use the rights issue proceeds in diversifying its activities, automating production lines, and optimally utilizing the spread of its brands to cover all regions of the Kingdom and achieve the company's future goals in line with its aspirations.

The company's shareholders will vote on the board’s recommendation to increase capital through a SAR 216 million rights offering during an extraordinary general meeting (EGM) to be held on Dec. 6.

The Capital Market Authority (CMA) approved, in August, Development Works Food’s capital hike request, as per Argaam's data.

Capital Hike Details
Current Capital	SAR 30 mln
Current Number of Shares	3 mln
Percentage Increase	720%
New Capital	SAR 246 mln
New Number of Shares	24.6 mln

Rights Issue Details
Offered shares	21.6 mln
Offer Price	SAR 10
Issue Size	SAR 216 mln
Eligibility Ratio	Each listed shareholder shall have the right to subscribe to 7.20 shares for each share owned
Rights Issue Proceeds	Changing the “Juice Time” brand identity	8
	Buying a location for the company's headquarters	10
	Expanding branches	10
	Establishing a juice plant	15
	Investing in companies operating in the same activity	42.48
	Investing in companies operating in the new activities	111.52
	Offering costs	19
	Total	216

Additional Information
Financial Advisor & Lead Manager	Yaqeen Capital
Underwriter	Wasatah Capital

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