Logo of Savola Group
Savola Group announced the prospectus for its capital increase through a SAR 6 billion rights offering today, Aug. 5.
The capital increase is aimed at enabling the company to enhance its financial position, support its future investment portfolio by repaying loans, and distribute shares in Almarai Co. to shareholders through capital reduction following the rights offering.
The company will use the rights offering proceeds to repay long-term loans of about SAR 5.95 billion.
The company's shareholders will vote on the board’s recommendation to increase capital through a SAR 6 billion rights offering, during the extraordinary general meeting (EGM) to be held on Aug. 25.
The Capital Market Authority (CMA) approved at the end of the last month Savola’s request to increase capital through a rights issue.
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Capital Increase Details |
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Current Capital |
SAR 5.33 bln |
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Number of Shares |
533.98 mln |
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New Capital |
SAR 11.33 bln |
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Number of Shares after Increase |
1.13 bln |
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Capital Increase (%) |
112.36% |
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Rights Issue Details |
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Offered shares |
600 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 6 bln |
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Eligibility Ratio |
1.1236 share per each existing share |
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Rights Issue Proceeds (SAR mln) |
Repayment of long-term loans |
3797 |
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Repayment of short-term loans |
2152 |
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Payment of the offering costs |
51 |
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Total |
6000 |
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Additional Information |
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Financial Advisor |
Riyad Capital |
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Lead Manager |
Riyad Capital, ANB Capital |
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Co-underwriters |
Riyad Capital, ANB Capital |
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