Logo of Wafrah for Industry and Development Co.
Wafrah for Industry and Development Co.’s shareholders approved a capital increase via SAR 154.3 million rights issue, during the extraordinary general meeting (EGM) held on June 14, according to a bourse filing.
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Capital Increase Details |
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Current Capital |
SAR 77.17 mln |
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Number of Shares |
7.72 mln |
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Percentage of Increase |
200% |
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New Capital |
SAR 231.51 mln |
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Number of Shares |
23.15 mln |
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Rights Issue Details |
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Number of Shares Offered |
15.43 mln |
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Offering Price |
SAR 10/share |
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Size of Issue |
SAR 154.3 mln |
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Eligibility coefficient |
Two rights for every share held |
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Record Date |
June 14, 2022 (Including shareholders registered with Edaa by the end of second trading day after the record date) |
Separately, the Saudi Exchange (Tadawul) announced that the fluctuation limits for Wafrah, will be based on a share price of SAR 44.65, and the outstanding orders will be canceled. Additionally, the Securities Depository Center (Edaa) will deposit the rights into investor portfolios by June 19.
The capital increase aims to finance business expansions, the automation of the production lines, together with making the best out of the company’s presence across the Kingdom, which will likely boost profitability, Argaam reported.
In April, the Capital Market Authority (CMA) approved an application from Wafrah to raise its capital through SAR 154.34 million rights issue.
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