Saudi Arabian Amiantit Co. Announces updates on Increase of the Company’s Capital by Offering Right Issues File at CMA
| Element List | Explanation |
|---|---|
| Introduction | With reference to the Saudi Arabian Amiantit Co. (the Company) announcement on the Saudi Exchange on 18-03-1445H corresponding to 03-10-2023G in relation to the submission of the application for the increase of the Company’s capital through rights issue to the Capital Market Authority (CMA) based on the Company’s board recommendation on 28-02-1445H corresponding to 13-09-2023G to increase the Company’s capital by way of a rights issue for a total amount of three hundred forty-six million five hundred thousand Saudi Riyals (SAR 346,500,000), the Company would like to announce to its shareholders the issuance of the CMA’s resolution on 12-07-1445H corresponding to 24-01-2024G including the approval of the Company’s application to increase its capital through rights issue by increasing the company's capital from SAR (99,000,000) to SAR (445,500,000), an increase of SAR (346,500,000) thus increasing the number of shares from (9,900,000) shares to (44,550,000) shares, an increase of (34,650,000) shares at average of (3.5) shares per (1) share, It should be noted that this approval is subject to the Company’s extraordinary general assembly’s approval and the completion of all relevant regulatory requirements and procedures. |
| Date of Announcing the Application on Saudi Exchange’s Website | 2023-10-03 Corresponding to 1445-03-18 |
| Date of Submitting the File | 2023-10-02 Corresponding to 1445-03-17 |
| Application Status at CMA | The CMA issued its approval on evening of Wednesday 12-07-1445H corresponding to 24-01-2024G on the Company’s application to increase its capital by way of a rights issue by increasing the company's capital from SAR (99,000,000) to SAR (445,500,000) Riyals, an increase of SAR (346,500,000), thus increasing the number of shares from (9,900,000) shares to (44,550,000) shares, an increase of (34,650,000) shares at average of (3.5) shares per (1) share.
The increase will be limited to the shareholders who are registered in the shareholders’ registry at the Security Depository Center as of the closing of the second trading day after the extraordinary general assembly meeting, which will be determined by the Company’s board of directors at a later date. |
| Other Substantial Updates | CMA issued its approval after the Company fulfilled all the requirements and comments relating to the capital increase application. The Company will work to complete all other related regulatory procedures including publishing the rights issue prospectus and inviting the Company’s extraordinary general assembly related to the capital’s increase. |
Comments