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‎Al-Omran starts rights trading, subscription to new shares today

November 14, 2023
in Business
‎Al-Omran starts rights trading, subscription to new shares today
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Al-Omran starts rights trading, subscription to new shares today

Logo of Al-Omran Industries and Trading Co.

Al-Omran Industries and Trading Co. starts today, Nov. 14, the subscription to new shares and rights trading to increase its capital from SAR 60 million to SAR 120 million.

Rights trading will end on Nov. 21, while subscription to the new shares will close on Nov. 26.

The company plans to offer six million shares at a nominal value of SAR 10 each to increase capital by 100%. Each shareholder will be granted one right for each share held.

Capital Increase Details

Current capital

SAR 60 mln

Current number of shares

6 mln

Capital increase (%)

100%

Capital after increase

SAR 120 mln

Number of shares after increase

12 mln

Rights Issue Details

Offered shares

6 mln

Offer price

SAR 10

Issue size

SAR 60 mln

Rights subscription

Nov. 14-26, 2023

Rights trading

Nov. 14-21, 2023

Reason

Supporting future plans, cutting borrowing rate and developing the company’s plants

Record date

Nov. 8, 2023

Eligibility ratio

Each shareholder will be granted one right for every share held

Rights issue proceeds

Construction costs to build a new factory and transfer the existing machinery and equipment in the refrigeration, shelves, and air conditioning plant

SAR 28 mln

Costs of purchasing new machinery and equipment

SAR 11 mln

Factory workers’ accommodation costs

SAR 2 mln

Repayment of bank loans

SAR 14 mln

Purchase of cars

SAR 2 mln

Offering fees

SAR 3 mln

Total

SAR 60 mln

Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios. Rights trading and subscription to new shares for registered shareholders and new investors will be as per the prospectus. 

Unsubscribed shares, if any, will be offered to institutional investors, according to the prospectus. The underwriter will underwrite the rights if the subscription process is not fully covered. 

Investors not willing to subscribe must sell the rights during the specified trading period to avoid any decline in the value of their investment portfolios as a result of not selling or subscribing, the company said.

For More IPOs

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1684774

Tags: ‎Al-OmranbusinessStarts
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