Alhokair Group rights issue 94.91% subscribed

08/08/2021 Argaam

Logo of Alhokair Group


Abdulmohsen Alhokair Group for Tourism and Development’s rights issue shares were 94.91% subscribed, as subscribers injected SAR 291.37 million to subscribe to 29.14 million shares, the company said in a bourse filing.

 

The remaining shares will be reoffered to institutional investors on a pro rata basis from Aug. 10-11.

 

Rights Issue Details

Number of rights issue shares

30.70 mln

Number of subscribed shares

29.14 mln 

Subscription value

SAR 291.37 mln

Coverage ratio (%)

94.91%

Number of remaining shares

1.56 mln 

Period of offering remaining shares

Aug. 10-11

 

The rump shares will be offered to a number of institutional investors, provided that those institutions submit purchase offers.

 

The remaining shares will be allocated to institutional investors by giving priority to the highest bid, then the lowest and the lowest (provided that it is not less than the offering price), with shares being allocated on a proportional basis among those institutional investors that have tendered offers at the same price.

 

In the event shares remain unpurchased by institutional investors, those will be allocated to the underwriter who will purchase them at the offering price.

 

Alhokair Group’s rights subscription period ended Aug. 5, Argaam reported.

 

The subscription started on July 26, to increase the company’s capital from SAR 343 million to SAR 650 million, through a rights issue of 30.7 million shares at SAR 10 per share.

Rights trading period, which also started on July 26, ended on Aug 2, 2021.

 

Key Figures of the Capital Increase via Rights Issue

Capital Before Increase

SAR 343 mln

Number of Shares

34.3 mln

Increase (%)

89.5%

New Capital

SAR 650 mln

New Number of Shares

          65 mln

 

Key Figures of Rights Issue

Number of Offered Shares

30.7 mln 

Offering Price

SAR 10

Issue Size

SAR 307 mln

Rights Trading Period

From July 26 to Aug. 2

Subscription Period

From July 26 to Aug. 5

Use of Proceeds

Repayment of bank loans

SAR 80 mln

Renovation of a number of hotels as well as entertainment and commercial facilities

SAR 110 mln

Financing cinema screens and sports centers

SAR 45 mln

Financing working capital

SAR 66.2 mln

 

Offering costs

SAR 5.8 mln

 

Total

SAR 307 mln

 

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