Riyadh – Mubasher: The board of Naseej International Trading Company has suggested to increase its capital through a SAR 108.97 million rights issue, according to a bourse filing.

Subject to the approval of the extraordinary general meeting (EGM), the raise aims to support the company’s working capital and reduce lending rates.

Meanwhile, Wasatah Capital Company has been appointed as the financial advisor for the transaction.

The Saudi listed firm noted that it will disclose any further developments regarding the capital hike.

According to the latest data available on the Saudi Exchange (Tadawul), the company’s authorised capital stands at SAR 108.97 million distributed over 10.89 million shares.  

Last July, the shareholders of Naseej International greenlighted a 48.51% capital reduction [IE2] from SAR 211.63 million to offset accumulated losses worth SAR 102.65 million.