Arabian Pipes issues prospectus for SAR 300 mln rights issue

21/04/2022 Argaam


Arabian Pipes Co. announced today the prospectus for its capital increase through offering rights issue shares worth SAR 300 million.

 

Capital will be increased to SAR 400 million, through offering 30 million rights issue shares at a nominal value of SAR 10 each.

 

The capital increase is aimed to fulfill the requirements of the working capital, boost financial solvency, reduce borrowing rate and pay dues to suppliers and banks.

 

The Capital Market Authority (CMA) approved in March the request received from the company to increase capital through SAR 300 million rights issue, as per Argaam's data.

   

Capital Hike Details

Current Capital

SAR 100 mln

Number of shares

10 mln shares

Capital hike%

300%

Capital after increase

SAR 400 mln

Number of shares after increase

40 mln shares

 

Rights Issue Details

Number of Shares Offered

30 mln shares

Offer price

SAR 10

Size of issue

SAR 300 mln

Eligibility Ratio

Each listed shareholder shall have the right to subscribe to 3 shares per each owned share.

Record date

The increase will be limited to the shareholders who are registered in the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general meeting (EGM).

Rights issue proceeds

Pay dues to suppliers and banks

SAR 150 mln

Working capital

SAR 85 mln

Investment amounts

SAR 60 mln

Payment of the Offering fees and costs

SAR 5 mln

 

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