Riyadh – Mubasher: Al Sorayai Trading and Industrial Group’s board of directors recommended increasing the firm’s capital by issuing SAR 112.660 million worth of priority rights shares.

During its meeting on 24 September 2019, the board noted that the capital raise is a reflection of Al Sorayai’s strategic vision of increasing the financial solvency through the restructuring of the group and the execution of an effective action plan, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Wednesday.

The priority rights shares will be due to the equityholders registered on the day of the extraordinary general meeting (EGM)’s. The company will provide any further developments in due course.

Al Sorayai has also appointed Aljazira Capital as the issuance’s financial advisor.

Moreover, Al Sorayai highlighted that this capital raise is subject to the approvals from all competent authorities and the EGM.