Lazurde Company for Jewelry Announces updates on Increase of the Company’s Capital by Offering Right Issues File at CMA
| Element List | Explanation |
|---|---|
| Introduction | A reference to the announcement by L'azurde Company for Jewelry, published on the Tadawul website on December 27, 2020, regarding submitting the application file to increase the company's capital by offering shares of priority rights to the Capital Market Authority based on the recommendation of the Board of Directors issued on October 11, 2020 regarding increase Company share capital by amount of SR145, 000,000, to bring the share capital from SAR 430 million to SAR 575 million by offering rights issue shares (14,500,000) new ordinary shares. Subject to the approval of the relevant official authorities and the Extraordinary General Assembly. |
| Date of Announcing the Application on Tadawul Website | 2020-12-27 Corresponding to 1442-05-12 |
| Date of Submitting the File | 2020-12-24 Corresponding to 1442-05-09 |
| Application Status at CMA | On today, 7 April 2021, the Capital Market Authority issued its approval of the company's request to Increase the Company’s Capital by Offering Rights Issues in the number of (14,500,000) new ordinary shares. |
| Other Substantial Updates | The CMA issued its approval after the company has fulfilled all the notes and requirements related to the capital increase file. The company is working on the necessary measures to call the extraordinary general assembly meeting to approve the proposed share capital increase. |
| Additional Information | As per the board recommendation issued on October 11, 2020, the reason for a capital increase is to support the future expansion activities and provide working capital to increase operational capacity and to reduce debt to equity ratio
Any developments in this regard will be announced later
Please see the below link for more information https://cma.org.sa/en/Market/NEWS/Pages/CMA_N_2886.aspx |
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