Savola Group headquarters
Savola Group shareholders will vote on increasing capital by SAR 6 billion via a rights issue during an extraordinary general meeting (EGM) scheduled for Aug. 25, according to a statement to Tadawul.
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Capital Increase Details |
|
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Current Capital |
SAR 5.339 bln |
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Current Number of Shares |
533.98 mln |
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New Capital |
SAR 11.339 bln |
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New Number of Shares |
1.133 bln |
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Capital Hike (%) |
112.36% (or 1.1236 rights share for every 1 held share) |
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Offer Price |
SAR 10 |
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Reason for Increase |
To enable the company to strengthen its financial position and support its future investment portfolio by paying off its debts and enabling it to distribute its shares in Almarai Co. to Savola’s eligible shareholders through a capital reduction following the rights issue |
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Method |
SAR 6 bln rights issue |
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Record Date |
If shareholders agree to the capital increase, eligible shareholders will be those who own shares at the end of trading on the EGM date and registered in with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date |
In February, Savola’s board recommended increasing capital via a SAR 6 billion rights issue and distributing its entire 34.52% stake in Almarai Co. to eligible shareholders, pending necessary approvals and the convention of an EGM, data compiled with Argaam showed.
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