Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) approved L'Azurde Company for Jewelry’s request to raise the capital by SAR 145 million through a rights issue.
The increase will be limited to the shareholders registered at the Security Depository Center as of the closing of the second trading day after the extraordinary general assembly meeting (EGM), which will be later determined by the board, according to a Tadawul disclosure on Wednesday.
L'azurde will determine the offering price and the number of shares offered for subscription after market closing of the EGM.
The jewelry company aims to raise the capital to support its future expansion activities and provide working capital for a higher operational capacity. L'azurde plans to reduce debt to equity ratio upon this increase.
The Saudi firm submitted its request to the CMA in December 2020.