Trading of Saudi Cable Co. (SCC) rights ends today, Jan. 13, while the subscription period will run throughout Jan. 16, according to a bourse statement.
Saudi Cable began its rights issue on Jan. 6, to raise capital to SAR 360.6 million from SAR 110.6 million.
The cable manufacturer offered 25 million shares at SAR 10 each. Each shareholder owning one share is eligible to subscribe to 2.26 rights.
SCC’ shareholders approved on Dec. 31 a capital hike from SAR 110.6 million to SAR 360.6 million through a SAR 250 million rights issue, Argaam previously reported.
The capital hike aims to restructure the company’s capital and finance working capital to help the cable manufacturer boost production capacity and support future activities.
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Capital Hike Details |
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Current Capital |
SAR 110.61 mln |
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Current number of shares |
11.06 mln |
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Capital hike percentage |
226% |
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Post-increase capital |
SAR 360.61 million |
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Post-increase number of shares |
36.06 mln |
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Rights Issue Details |
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Number of right shares |
25 million shares |
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Offering price per share |
SAR 10 |
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Size of issue |
SAR 250 mln |
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Use of proceeds |
Net proceeds of offering fees and costs will go towards restructuring capital and pumping cash to provide working capital, increase operating capacity and support future activities. |
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Additional Details |
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Financial advisor, lead manager and underwriter |
Falcom Financial Services |
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