Amiantit GA approves capital increase by offering right issues of SAR 346.5 million

Saudi Arabian Amiantit Company disclosed the outcomes of its extraordinary general assembly meeting, highlighting the approval of the Board of Directors’ proposal to augment the capital from SAR 99 million to SAR 445.5 million. This increase will be facilitated through offering right issues amounting to SAR 346.5 million, at a rate of 350%. The primary objectives behind this capital expansion are to finance working capital requirements and settle certain bank obligations.

On Wednesday, the company stated in a release on Tadawul that the capital increase will be executed through the offering and listing of rights issue shares, totalling 34.65 million ordinary shares. The increase rate is set at 3.5 shares for each existing share, with the offering value for each share and the nominal value being SAR 10.

The eligibility will be for the shareholders who own the shares on the day of the Extraordinary General Assembly and who are registered in the Company’s shareholders register at the Securities Depository Centre Company (Edaa) at the end of the second trading day following the date of the Extraordinary General Assembly.

The remaining voting results on the Assembly’s agenda were as follows:

– Amendment of Article (7) of the company’s bylaws relating to (The Capital).

– Amendment of Article (8) of the company’s bylaws relating to (Subscribing to Shares).

The Extraordinary General Assembly of Saudi Arabian Amiantit Company endorsed on Tuesday an increase in capital through the issuance of priority rights shares. Consequently, the company’s stock fluctuation rate for Wednesday will be calculated based on the price of SAR 24.22, and existing orders will be cancelled. It is important to note that the rights issues shares of Saudi Arabian Amiantit Company will be deposited in shareholders’ wallets on Monday, February 26th.