Subscription to Anaam International’s SAR 90 mln rights issue ends today

Anaam International Holding Group said in a bourse filing that the period for subscription to its rights issue ends today, Oct. 27, in case the capital increase is approved.

The company’s board of directors recommended a capital increase from SAR 15 million to SAR 105 million via a SAR 90 million rights issue.

The capital increase is aimed at financing the restructuring of Anaam’s business activities, including logistics services of the food sector, agricultural division and income-generating assets.

In January, Anaam’s extraordinary general meeting (EGM) approved capital reduction by 92.35% from SAR 196 million to SAR 15 million by cancelling 18.1 million shares to offset accumulated losses, Argaam reported.