Lazurde rights trading, subscription period begins today

07/06/2021 Argaam Special

Logo of Lazurde Company for Jewelry


Lazurde Company for Jewelry (Lazurde) subscription to new shares and rights trading begins today, June 7, 2021,  to increase capital from SAR 430 million to SAR 575 million.

 

Rights trading will end on Monday, June 14, while the subscription to new shares will close on Thursday, June 17.

 

The company intends to offer 14.5 million shares at SAR 10 per share, granting each registered shareholder at the record date nearly 0.327 right for each share held.

           

Key Figures in Capital Hike

Current Capital

SAR 430 mln

Number of Shares

43 mln

Capital Hike

34%

Capital After Increase

SAR 575 mln

Number of Shares After Increase

 57.5 mln

 

Key Figures in Rights Issue

Number of Offered Shares

14.5 mln 

Offering Price

SAR 10

Issue Size

SAR 145 mln

Rights trading period

From June 7, 2021, to June 14, 2021

Subscription period

From June 7, 2021, to June 17, 2021

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)

Use of proceeds

Repayment of long-term bank facilities from SABB

SAR 75 mln

Repayment of long-term bank facilities from SABB

SAR 30 mln

New store openings, expanding the retail business portfolio

SAR 28 mln

Developing e-commerce platforms

SAR 6 mln

Offering expenses

SAR 6 mln

 

Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number available in their portfolios. Trading in rights issue and subscription to new shares for registered shareholders and new investors will be as per the prospectus.

 

In the event that shares remain unsubscribed, the remaining shares and fractional shares, if any, will be offered to institutional investors, according to the prospectus. The financial advisor and the underwriter Samba Capital & Investment Management Co. (Samba Capital) will undertake to underwrite the rights issue if the entire subscription is not fully covered.

 

Investors not willing to subscribe must sell the rights issue during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription.

 

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