Riyadh – Mubasher: The extraordinary general meeting (EGM) of Al Sorayai Trading and Industrial Group (Al Sorayai) has approved an increase in the company’s capital through a priority rights issue of 11.3 million ordinary shares. 

The capital will rise by SAR 112.66 million to SAR 178.16 million from SAR 65.5 million, according to the company’s disclosure to the Saudi Stock Exchange (Tadawul) on Thursday.

This increase is needed to restructure Al Sorayai to raise its solvency ratio as well as to implement an action plan that focuses on the company’s main activities.

During the meeting, the shareholders also approved amendments to some articles related to the capital and the new shares’ subscription.

Meanwhile, Tadawul set Al Sorayai's fluctuation limits based on a share price of SAR 18.90, while the Securities Depository Center Company (Edaa) will add priority rights shares to shareholders’ portfolios before the beginning of trading on Monday, 27 January.

It is noteworthy to mention that in December, Saudi Capital Market Authority (CMA) approved Al Sorayai’s request to raise its capital through a priority rights issue.