Amiantit board proposes capital hike via SAR 346.5 mln rights issue

14/09/2023 Argaam
Headquarters of Saudi Arabian Amiantit Co.

Headquarters of Saudi Arabian Amiantit Co.

Saudi Arabian Amiantit Co.’s board recommended, on Sept. 13, increasing capital through a SAR 346.5 million rights offering.

 

The capital hike aims to finance the working capital and pay some of the bank liabilities, the company said in a statement to Tadawul today, Sept. 14. 

 

The proposal is subject to regulatory approvals and shareholders’ consent during the upcoming extraordinary general meeting (EGM). 

 

The record date will be on the day of the EGM, during which the proposal is approved, for shareholders registered with the Securities Depository Center Co.(Edaa) by the close of the second trading day following the EGM.  

 

Wasatah Capital has been appointed as the financial advisor. Moreover, it will provide advice on the capital hike process and structure, in addition to preparing the relevant documents in compliance with regulatory requirements. 

 

The company will make an announcement when the capital increase application’s file is submitted to the Capital Market Authority for approval. 

 

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