CMA approves capital hike of Naseej through SAR 150 mln rights issue

Logo of Naseej International Trading Co.

The Capital Market Authority (CMA) approved a request by Naseej International Trading Co. to increase its capital through a SAR 150 million rights issue.

The increase will be limited to shareholders registered at the Security Depository Center (Edaa) as of the closing of the second trading day after the extraordinary general meeting (EGM), which will be determined by the company’s board of directors at a later date, the market regulator said in a statement.

The offering price and the number of shares offered for subscription will be determined by the company after market closing on the EGM date, the statement added.

 In September 2020, Naseej EGM approved reducing the company’s capital by 65.4% to SAR 61.63 million from SAR 178.16 million through writing off 11.65 million shares, Argaam earlier reported.

The company’s board of directors also recommended a capital hike through SAR 150 million rights issue to be implemented following the capital cut.