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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