Logo of Al-Baha Investment and Development Co.
Al-Baha Investment and Development Co.’s subscription to new shares and rights trading begins today, Feb. 28, to increase capital by 67.79% from SAR 177 million to SAR 297 million.
Rights trading will end on March 7, while subscription to the new shares will close on March 10.
The company intends to offer 12 million shares, at SAR 10 each, granting each registered shareholder on the record date 0.68 rights for each share held.
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Capital Increase 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 increase (%) |
67.79% |
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Capital after increase |
SAR 297 mln |
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Number of shares after increase |
29.7 mln |
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Rights Issue Details |
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Number of offered shares |
12 mln |
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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 trading Period |
Feb. 28-March 7 |
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Subscription Period |
Feb. 28-March 10 |
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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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Last week, Al-Baha’s shareholders approved the board of directors’ recommendation to increase capital via a SAR 120 million rights issue, according to data compiled by Argaam.
Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios. Trading in rights issue and subscription to new shares for registered shareholders and new investors will be as per the prospectus.
In the event that shares remain unsubscribed, remaining and fractional shares, if any, will be offered to institutional investors, according to the prospectus.
AlJazira Capital will underwrite the rights issue if the entire subscription is not fully covered.
Investors not willing to subscribe must sell the rights issue during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription, the company said.
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