Al Sorayai to pay compensations for unsubscribed shares of rights issue

Al Sorayai Trading and Industrial Group (AlSorayai Group) said it will distribute today SAR 9.26 million, representing compensation for unsubscribed shares.

The amount will be paid to eligible investors who did not exercise their rights to subscribe to new shares, the company said in a bourse statement.

The company also asked eligible shareholders, whose bank account details are not updated, to contact the head office of investor relations.

Al Sorayai began its rights issue on Monday, Jan. 27 to raise capital to SAR 178.16 million from SAR 65.5 million, Argaam reported earlier.

Al Sorayai offered 11.27 million right shares at SAR 10 each at a total value of SAR 112.67 million.