Logo of Naseej International Trading Co.
Shareholders of Naseej International Trading Co. will vote on increasing the company’s capital through a SAR 163.5 million rights issue during an extraordinary general meeting (EGM) to be held on Jan. 7, 2024, the company said in a statement to Tadawul.
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Capital Hike Highlights |
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Current Capital |
SAR 108.97 mln |
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Current Number of Shares |
10.90 mln |
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Capital Hike (%) |
150% |
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Capital after Increase |
SAR 272.43 mln |
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New Number of Shares |
27.24 mln |
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Reason |
Boost financial solvency and strategic expansion, while improving financial performance, borrowing rates, and costs incurred therefrom. |
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Record Date |
Jan. 7, 2024 (Shareholders registered with Edaa at the end of the second trading day following the EGM date) |
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Rights Issue Details |
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Offered Shares |
16.35 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 163.46 mln |
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Eligibility |
Each listed shareholder is allotted 1.5 rights per each share held |
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Rights Issue Proceeds (SAR mln) |
Financing working capital |
60.91 |
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Paying off term loans with commercial banks |
33.00 |
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New production lines and capital projects |
57.00 |
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Offering costs |
12.55 |
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Total |
163.46 |
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The EGM was first scheduled for Dec. 10 to vote on the board’s recommendation for a capotal top-up through a rights offering. However, it was delayed due to the lack of quorum, according to Argaam's data.
Shareholders will also vote on amending Article (7) of the company's Articles of Association relating to the company's capital, as well as Article (8) relating to share subscription. This is besides deciding on amending Articles of Association to comply with the new Companies Law.
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