Raydan to deposit proceeds from fractional shares sale on Nov. 20

A branch of Raydan Food Co.

Raydan Food Co. concluded, on Oct. 11, the sale of fractional shares resulting from the company’s capital cut, which was approved by the extraordinary general meeting (EGM) on Oct. 5. 

The company sold 5,235 shares at an average price of SAR 27.21 each, totaling SAR 142,223. 

The company will complete depositing the share sale proceeds in shareholders' accounts on Nov. 20.

Shareholders approved, on Oct. 5, the board’s recommendation on a 53.16% from SAR 337.50 million to SAR 158.08 million, to offset accumulated losses, according to data compiled by Argaam.