Saudi Fisheries Co.’s (Alasmak) subscription to new shares and the rights trading starts today, June 8, 2020.
Rights trading will end on June 15, while a subscription to the new shares will close on June 18.
The Saudi company will offer 29.89 million shares, at SAR 10 each, and each shareholder is entitled to subscribe to 2.96 rights for each outstanding share.
Rightsholders are entitled to subscribe to the new shares partially or fully pro-rata. The remaining shares will be reoffered to institutional investors.
In case of under subscription, the underwriters, Falcom Financial Services, will subscribe to these rights.
On May 14, Alasmak’s shareholders approved a capital increase from SAR 101.1 million to SAR 400 million, through a rights issue of 29.8 million shares, Argaam earlier reported.
Key Figures of the Capital Hike
|Current Capital||SAR 101.1 mln|
|Number of shares||10.1 mln|
|New Capital||SAR 400 mln|
|New number of shares||40 mln|
Key Figures of the Rights Issue
|Number of rights issue shares||29.89 mln|
|Offering price||SAR 10|
|Offering size||SAR 298.9 mln|
|Beginning of rights issue trading period and new shares subscription||June 8, 2020|
|End of rights issue trading period||June 15, 2020|
|End of new shares subscription period||June 18, 2020|
|Record date||May 14, 2020 (including those registered at the Securities Depository Center two business days following this date)|
|Use of rights issue proceeds||Financing restructuring plan and projects operations, covering establishing costs, working capital and loan repayment.|
|Financial Advisor, lead manager and underwriter||Falcom Financial Services|