Alhokair Group to compensate rights issue owners for unsubscribed shares

Abdulmohsen Alhokair Group for Tourism and Development (Alhokair Group) announced, starting on Sept. 19, the distribution of compensation to rights issue owners who did not use their rights to subscribe to new shares.

The total amount to be distributed stands at approximately SAR 22.84 million.

Al Rajhi Bank will deposit the amounts in the bank accounts of eligible investors who have not exercised their right to subscribe to new shares and those entitled to fraction.

In July, the company’s shareholders approved a 37.64% capital cut to SAR 343 million from SAR 550 million by cancelling 20.7 million shares, Argaam reported.