Riyadh – Mubasher: The shareholders of Batic Investments and Logistics Company gave the green light for increasing the capital by 100% through a rights issue of 30 million shares.
The new capital will stand at SAR 600 million distributed over 60 million shares, compared to SAR 300 million and 30 million shares prior to the raise, according to a bourse filing on Tuesday.
Batic said the rights issue shares will be offered at a par value of SAR 10 per share to total SAR 300 million.
The company aims to increase the capital to fund its future expansion plans and projects.
In a separate disclosure to Tadawul, Batic announced that the rights issue trading and new shares subscription period will commence on 13 December.
The right issues trading period will end on 20 December, while the new shares subscription period will end on the 23rd of the month.