Logo of Al-Baha Investment and Development Co.
Al-Baha Investment and Development Co.’s shareholders approved the board of directors’ recommendation to increase capital via a SAR 120 million rights issue, during the extraordinary general meeting (EGM) held on Feb. 21, according to a bourse filing.
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Capital Hike Details |
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Current Capital |
SAR 177 mln |
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Number of Shares |
17.7 mln |
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Capital Hike (%) |
67.79% |
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New Capital |
SAR 297 mln |
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Number of Shares After Increase |
29.7 mln |
Dates of the rights trading as well as subscription to the new shares will be announced later.
On Dec. 13, 2021, the Capital Market Authority (CMA) approved Al-Baha’s application to increase capital through SAR 120 million rights issue, Argaam reported.
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Rights Issue Details |
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Number of offered shares |
12 mln shares |
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Offering price per share |
SAR 10 |
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Size of issue |
SAR 120 mln |
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Eligibility coefficient |
Nearly 0.68 right for every share held |
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Record date |
Feb. 21, 2022 (Shareholders of record by the close of trading on the second day following the EGM date |
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Rights issue proceeds |
Investment in diversified income generating assets |
SAR 90.43 mln |
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Payment of dues to the Zakat, Tax and Customs Authority |
SAR 14.85 mln |
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Payment of deposits of auction shares under settlement |
SAR 10.72 mln |
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Payment of the offering fees and costs |
SAR 4.00 mln |
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The fluctuation limits will be based on a share price of SAR 24.04 and the outstanding orders will be canceled. Thus, Al Baha rights will be deposited into applicable investor’s portfolios on Feb. 27.
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