Al-Samaani recommends capital hike through SAR 150 mln rights issue

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Al-Samaani Factory for Metal Industries Co.’s board of directors recommended on Jan. 3, 2021, a capital hike through SAR 150 million rights issue, according to a bourse filing.

The capital hike aims to finance the company’s strategic and operational plans. It also aims to support the expansion of logistics services.

Shareholders of record on the second day after the extraordinary general assembly meeting (EGM) and registered with the Securities Depository Center (Edaa) will be entitled to subscribe to the offering.

The decision is pending approval from the EGM and regulatory authorities, it noted.

Al-Samaani will announce later the appointment of a financial advisor for the offering, the statement added.

It will also disclose later the submission date for capital increase request to the Capital Market Authority (CMA), the firm said, adding that any subsequent legal development in this regard will be disclosed in due course.

According to data compiled by Argaam, Al-Samaani started trading on the Saudi Stock Exchange (Tadawul) on Dec. 10, 2020, following its transition from Nomu Parallel Market.

Al-Samaani’s board of directors recently recommended a 5% cash dividend, or SAR 0.5 per share, amounting to SAR 1.25 million for the fiscal year 2020.

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