Logo of Lazurde
Lazurde Company for Jewelry’s shareholders approved the board of directors’ recommendation to increase capital to SAR 575 million through a rights issue worth SAR 145 million, during the extraordinary general assembly meeting (EGM) held on June 2, 2021.
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Details of Capital Increase |
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Current Capital |
SAR 430 mln |
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Number of Shares |
43 mln |
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Capital Hike |
34% |
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Capital After Increase |
SAR 575 mln |
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Number of Shares After Increase |
57.5 mln |
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Details of Rights Issue |
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Number of Offered Shares |
14.5 mln |
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Offering Price |
SAR 10 |
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Issue Size |
SAR 145 mln |
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Record Date |
June 2, 2021 (Shareholders of record on the day of the EGM during which the capital increase will be discussed, along with those on record on the second trading day following the EGM |
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Use of proceeds |
Repayment of long-term bank facilities from SABB |
SAR 75 mln |
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Repayment of long-term bank facilities from SABB |
SAR 30 mln |
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New store openings, expanding the retail business portfolio |
SAR 28 mln |
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Developing e-commerce platforms |
SAR 6 mln |
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Offering expenses |
SAR 6 mln |
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The company said in a bourse statement that shareholders approved the board of directors’ recommendation to withhold dividend for 2020.
Meanwhile they authorized the board to distribute interim dividend on a semi-annual or quarterly basis for 2021 and determine the due and disbursement date in accordance with the regulatory rules and procedures issued in implementation of the Companies Law.
In a separate statement, the Saudi Stock Exchange (Tadawul) announced Lazurde’s daily trading fluctuation limit after its capital hike will be based on a share price of SAR 20.74.
All outstanding orders will be cancelled.
The Securities Depository Center (Edaa) will deposit the rights into the investor’s portfolios by June 7, the statement said.
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