Aldukheil Financial announces supplementary prospectus on Rayan Advanced IPO

Logo of Rayan Advanced Industrial Co.

Aldukheil Financial Group (AFG), the financial advisor for Rayan Advanced Industrial Co.'s IPO on Nomu-Parallel Market, published the supplementary prospectus on floating two million ordinary shares, or 20% of capital, as some material events should be included in the prospectus, according to a Tadawul statement.   

The board recommended a cash dividend at SAR 7 per share to non-selling shareholders for the years 2022, 2023 and 2024.

Selling shareholders also waived their dividends for the years 2022, 2023 and 2024, to cover the dividends to non-selling shareholders.

An additional lock-up period will be imposed on major shareholder, Hassan Alsairafi, for 18 months, starting immediately after the mandatory lock-up period of 12 months from the listing date. Moreover, all other selling shareholders will have a lock-up period of 30 months from the listing date.

After the listing, the company will set a date for the general meeting to approve the declared dividends.

Qualified investors who subscribed to the shares prior to the publication of the supplementary prospectus have the right to cancel or amend their subscriptions in those securities in the period from Dec. 12-15.