Riyadh – Mubasher: Raydan Food Company’s board recommended increasing the company’s capital through a rights issue to provide the required working capital to raise the operating capacity and support the company’s future activity.

The total amount the firm wants to secure is SAR 112.5 million, according to a bourse statement on Tuesday.

Shareholders will be entitled to receive the rights issue on the day of the extraordinary general meeting (EGM) that will approve the said capital increase.

FALCOM Financial Services was appointed as a financial advisor to the offering, Raydan said, noting that it will provide further details in due course.

The rights issue is subject to approvals of competent authorities and the extraordinary assembly.