Al-Omran Industrial Announces BOD Recommendation to Increase Capital by Offering Right Issues

Al-Omran Industrial & Trading Co, announced on Sunday the Board of Directors’ recommendation to increase the company’s capital by offering right issues with a target amount of SR60,000,000.
The reasons for the increase are to support the company’s future plans, to reduce the borrowing rate, and developing and modernize the company’s factories.
Eligibility date: Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer’s Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly’s Meeting.
Approvals: The recommendation to increase the company’s capital is subject to the approval of the relevant regulatory authorities and the extraordinary general assembly
The announcement will be made upon the appointment of a financial advisor, as well as when the capital increase request file and the priority rights issue file are submitted to the Capital Market Authority, the company said.