Riyadh – Mubasher: Wafrah for Industry & Development Company has submitted an application file to the Capital Market Authority (CMA) to raise the company’s capital by offering right issues.

The company's board has proposed to increase the capital by SAR 154.34 million to SAR 231.511 million, compared to SAR 77.17 million, by offering rights issue shares of 15.434 million, according to a bourse filing on Thursday.

The capital raise is subject to the approval of the relevant official authorities and the extraordinary general meeting (EGM).

It is noteworthy to mention that in July 2021, the company appointed Aljazira Capital to be the financial advisor that will manage the transaction of increasing the company’s capital through a rights issue.