Riyadh – Mubasher: The board members of Ayyan Investment Company recommended a capital hike by offering a rights issue on 27 August 2023, according to a bourse disclosure.

The Saudi firm eyes SAR 200 million capital raise to implement its operational plans and support its working capital.

Alinma Investment was appointed as a financial advisor for the offering to prepare the needed documents in accordance with the regulatory requirements.

The Tadawul-listed firm highlighted that it will disclose any further developments regarding the transaction once it obtains the approval of the Capital Market Authority (CMA).

In the first half (H1) of 2023, Ayyan Investment turned to net losses after Zakat and tax valued at SAR 87.98 million, against net profits amounting to SAR 1.96 million in H1-22.

Revenues grew by 2.98% to SAR 145.67 million in H1-23 from SAR 141.45 million during the six-month period that ended on 30 June 2022.