Riyadh – Mubasher: The shareholders of Raydan Foods Company gave the green light for the board’s recommendation to increase the capital through a rights issue of 11.25 million ordinary shares at a par value of SAR 10 each.

The value of the offering will stand at SAR 112.5 million, according to a bourse disclosure on Wednesday.

Through the 50% capital hike, Raydan aims to endorse its expansion plans through new cash flows, while saving the working capital to increase its operational capacity.

In December 2020, the listed firm submitted a request to the Capital Market Authority (CMA) to increase its capital.