Mayar calls off SAR 110M capital hike plan

Mayar Holding Co.’s board of directors decided on May 29 to call off a plan to raise the company’s capital through a SAR 110 million rights issue to reconsider the plan in light of the current variables and future needs.

 

Any update will be duly announced, Mayar said in a statement to Tadawul.

 

In January, Mayar withdrew the application to raise its capital increase via a rights issue to finalize some requirements, Argaam reported.

 

The rights offering plan was submitted by the company in December 2023.

 

This capital increase will help Mayar implement its strategic and operating plans, cut debts, boost future activities, access new fields and finance working capital.