Al-Omran Industrial’s board recommends capital top-up via SAR 60 mln rights issue

21/08/2022 Argaam

Logo of Al-Omran Industrial Trading Co.

Al-Omran Industrial Trading Co.’s board of directors recommended on Aug. 20 a capital hike via a SAR 60 million rights issue, according to a bourse filing.

 

The increase is aimed to support the company’s plans, reduce leverage and develop its factories, the statement added.

 

Shareholders of record on the extraordinary general meeting (EGM) date and those registered with the Securities Depository Center (Edaa) on the second trading day after the EGM will be entitled for this increase.

 

The capital increase proposal is subject to the approval of the relevant regulatory authorities and the EGM.

 

The company will reveal the relevant updates upon the appointment of a financial advisor, and when filing for the capital increase with the Capital Market Authority (CMA), the statement added.

 

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