Logo of Saudi Arabian Amiantit Co.
Saudi Arabian Amiantit Co.’s shareholders disapproved the board's recommendation on increasing capital through a SAR 346.5 million rights offering, during the extraordinary general meeting (EGM) held on May 11, the company said in a statement to Tadawul.
On the other hand, they approved the other agenda items, including the amendment to the company's bylaws in line with the New Companies Law. Shareholders also discharged board members from liability for 2022.
Last December, the Capital Market Authority (CMA) gave the go-ahead for Amiantit's request to increase its capital through a rights issue worth SAR 346.5 million, according to data available with Argaam.
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Capital Hike Details |
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Current Capital |
SAR 99 mln |
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Current Number of Shares |
9.9 mln |
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Percentage Increase |
350% |
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New Capital |
SAR 445.5 mln |
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New Number of Shares |
44.6 mln |
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Rights Issue Details |
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Offer Shares |
34.65 mln |
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Offer Price |
SAR 10/share |
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Issue Size |
SAR 346.50 mln |
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Eligibility Ratio |
Each shareholder shall have the right to subscribe to nearly 3.5 rights for each owned share |
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Record Date |
May 11, 2023 (Shareholders registered with Edaa by the close of trading on the second trading day after the EGM date) |
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Rights Issue Proceeds |
Purchase of spare parts for maintenance and production |
SAR 21.44 mln |
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Working capital |
SAR 311.06 mln |
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Offering costs |
SAR 14.00 mln |
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Total |
SAR 346.5 mln |
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