Savola Group headquarters
Savola Group’s shareholders approved increasing capital via a SAR 6 billion rights issue, during the extraordinary general meeting (EGM) on Aug. 25, according to a statement to Tadawul.
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Capital Increase Details |
|
|
Current Capital |
SAR 5.33 bln |
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Current Number of Shares |
533.98 mln |
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New Capital |
SAR 11.33 bln |
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New Number of Shares |
1.13 bln |
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Capital Hike (%) |
112.36% (or 1.1236 rights share for every 1 share held ) |
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Offer Price |
SAR 10 |
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Reason for Increase |
To strengthen the company’s financial position and support its future investment portfolio by paying off debts and enable 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 |
Aug. 25 and shareholders registered with Securities Depository Center (Edaa) at the end of the second trading day following the EGM date |
The Saudi Exchange (Tadawul) announced that fluctuation limits today, Aug. 26, will be based on a share price of SAR 26.95 and the outstanding orders will be canceled.
Edaa will deposit the shares into investor portfolios by Aug. 28.
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