Saudi Arabian Amiantit Co. headquarters

Shareholders of Saudi Arabian Amiantit Co. gave the green light to increase capital by 350% through a SAR 346.5 million rights offering, during the extraordinary general meeting (EGM) held on Feb. 20, the company said in a statement to Tadawul.

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Capital Increase Details

Current Capital  

SAR 99 mln

Number of Shares

9.90 mln

New Capital

SAR 445.5 mln

New Number of Shares

44.55 mln

Capital Hike %

350%

Method

A SAR 346.5 mln rights issue

Reason

Financing working capital and settling some bank liabilities
 

Rights Issue Details

Number of Offered Shares

34.65 mln

Offering Price

SAR 10

Issue Size

SAR 346.5 mln

Eligibility Ratio

3.5 rights for every share held

Offering Proceeds

Financing working capital

SAR 165 mln

Settlement of some bank obligations

SAR 156.5 mln

Offering costs

SAR 25 mln

Total

SAR 346.5 mln
 

In a separate statement, Saudi Exchange (Tadawul) announced that the stock fluctuation limits will be based on a share price of SAR 24.22 today, Feb. 21. The outstanding orders will be canceled.

 

Amiantit rights will be deposited into investor portfolios on Feb. 26.

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