Riyadh – Mubasher: Al Sorayai Trading and Industrial Group (Al Sorayai) has submitted a request to increase capital through a rights issue to the Capital Market Authority (CMA) on Friday.

The company will provide further data on time, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

In September, Al Sorayai’s board recommended increasing the firm’s capital by issuing SAR 112.660 million worth of priority rights shares.

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.