Al Sorayai Trading issues capital hike prospectus

Al Sorayai Trading and Industrial Group announced in a bourse filling on Jan. 26 that it issued the capital hike prospectus.

On Jan. 22, Al Sorayai shareholders approved a capital hike to SAR 178.160 million from SAR 65.500 million, through rights issue worth SAR 112.660 million.

The company asserted in its prospectus that it will disclose the subscription results and the details of selling operation for the remaining shares, noting that the remaining shares will be re-offered on Feb. 9.

Al Sorayai will also announce the final allocation on Feb. 16, as the new shares will be added into shareholders accounts on Feb. 26.

According to data compiled by Argaam, new shares and the rights trading will start on Jan. 27 and end on Feb. 3, while the subscription to the new shares will close on Feb. 6.

Key Figures of the Capital Hike
Current Capital	SAR 65.5 mln
Number of shares	6.55 mln
Hike %	172%
New Capital	SAR 178.16
New number of shares	17.82 mln
Key Figures of the Rights Issue
Number of rights issue shares	11.27 mln
Offering price	SAR 10
Offering size	SAR 112.66 mln
Record date	Jan.22
Eligibility	1.72 right for every 1 share held
Beginning of rights issue trading period and new shares subscription	January 27, 2020
End of rights issue trading period	February 3, 2020
End of new shares subscription period	February 6, 2020
Use of rights issue proceeds	Supporting the strategic trend and raising the solvency margin of the group by restructuring and implementing an action plan that focuses on its core activities
Additional Information
Financial Advisor and lead manager	Aljazira Capital
Underwriter	Aljazira Capital- Wasatah Capital

Alsorayai-Rights Issue-Prospectus_Redherring

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Al-Sorayai Trading’s EGM approves capital hike through rights issue

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