Logo of Development Works Food Co.
Development Works Food Co. announced the prospectus for its SAR 216 million rights issue, aimed at increasing capital from SAR 30 million to SAR 246 million.
The company will issue 21.6 million new shares at SAR 10 each.
Development Works Food will use the rights issue proceeds in diversifying its activities, automating production lines, and optimally utilizing the spread of its brands to cover all regions of the Kingdom and achieve the company's future goals in line with its aspirations.
The company's shareholders will vote on the board’s recommendation to increase capital through a SAR 216 million rights offering during an extraordinary general meeting (EGM) to be held on Dec. 6.
The Capital Market Authority (CMA) approved, in August, Development Works Food’s capital hike request, as per Argaam's data.
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Capital Hike Details |
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Current Capital |
SAR 30 mln |
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Current Number of Shares |
3 mln |
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Percentage Increase |
720% |
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New Capital |
SAR 246 mln |
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New Number of Shares |
24.6 mln |
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Rights Issue Details |
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Offered shares |
21.6 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 216 mln |
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Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 7.20 shares for each share owned |
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Rights Issue Proceeds |
Changing the “Juice Time” brand identity |
8 |
|
Buying a location for the company's headquarters |
10 |
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Expanding branches |
10 |
|
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Establishing a juice plant |
15 |
|
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Investing in companies operating in the same activity |
42.48 |
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Investing in companies operating in the new activities |
111.52 |
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Offering costs |
19 |
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Total |
216 |
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Additional Information |
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Financial Advisor & Lead Manager |
Yaqeen Capital |
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Underwriter |
Wasatah Capital |
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