Naseej shareholders to vote on SAR 150 mln rights issue on Nov. 4

13/10/2021 Argaam

Logo of Naseej International Trading Co.

Shareholders of Naseej International Trading Co. will start e-voting on increasing capital through SAR 150 million, or 243.38% to SAR 211.6 million from SAR 61.6 million, during an extraordinary general assembly meeting (EGM) scheduled for Nov. 4.

 

The company announced earlier today it postponed the EGM, which was scheduled for Oct. 12, on lack of quorum in the first and second meetings, Naseej said in a bourse filing.

 

The capital hike is aimed to raise the company’s solvency, as well as fund its strategic expansions, and improve financial performance, borrowing rates and incurred costs.

 

If shareholders approve the capital increase during the third meeting, those holding shares on the EGM date will be eligible, along with shareholders registered with the Securities Depository Center Co. (Edaa) by the close of the second trading day following the eligibility date.

 

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