Savola’s Rump Offering Oversubscribed by 814.2%, Raising SAR 943.45 Million

Savola Group Company (Savola) announced on Wednesday the results of its rump offering and final allocation of rights issue shares. The offering saw an oversubscription rate of 814.2%, with total proceeds from the sale of unsubscribed shares reaching SAR 943.45 million.

According to a statement on Tadawul, Savola sold 35.1 million shares, including 37,827 fractional shares, at an average price of SAR 26.88 per share.

The company noted that it would receive the total proceeds from the rump offering, with any excess proceeds beyond the offer price to be distributed to entitled shareholders by Sunday, October 13, 2024.