Logo of Saudi Arabian Amiantit Co.
Saudi Arabian Amiantit Co. announced the prospectus for its capital increase through a SAR 346.5 million rights offering.
The company will offer 34.65 million shares at SAR 10 each, to increase the capital from SAR 99 million to SAR 445.5 million.
The company will use the rights issue proceeds in financing working capital by SAR 165 million during this year, to be divided equally on every quarter at SAR 41.25 million, in addition to repaying some bank liabilities by about SAR 157 million.
The company's shareholders will vote on the board’s recommendation to increase capital through a SAR 346.5 million rights offering, during an extraordinary general meeting (EGM) to be held on Feb. 20.
The Capital Market Authority (CMA) approved earlier this month the request received from the company to increase capital through a rights issue, as per Argaam's data.
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Capital Increase Details |
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Current Capital |
SAR 99.00 mln |
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Number of shares |
9.90 mln shares |
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New Capital |
SAR 445.5 mln |
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Number of Shares after Increase |
44.55 mln shares |
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Capital Increase (%) |
350% |
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Rights Issue Details |
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Offered shares |
34.65 mln shares |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 346.5 mln |
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Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 3.5 shares per each owned share. |
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Rights Issue Proceeds |
Financing working capital |
165 |
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Repaying some bank liabilities |
156.5 |
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Offering costs |
25.0 |
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Total |
346.5 |
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Additional Information |
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Financial Advisor and Underwriter |
Wasatah Capital |
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Lead Manager |
Al-Nefaie Investment |
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