Al-Essa Industries set to raise capital to SAR 750 mln

Al-Essa Industries, which is 38 percent-owned by Aseer Trading Tourism & Manufacturing Company, recommended on Sunday an 87.5 percent capital raise from SAR 400 million to SAR 750 million through issuing 35 million nominal value shares.

Al-Essa aims to develop its businesses through the capital raise.

Shares will be increased from 40 million to 75 million shares, which will be financed through capitalizing SAR 350 million from retained earnings and other reserves account.

The capital raise is conditional on obtaining the necessary and regulatory approvals of the company’s extraordinary general assembly.