Amiantit rights trading, subscription to new shares begins today

Saudi Arabian Amiantit Co. (Amiantit) said subscription to new shares and rights trading starts today, Dec. 7, 2020.

Rights trading will end on Dec. 14, and subscription to the new shares will close on Dec. 17.

Rights holders are entitled to subscribe to the new shares partially or fully on a pro rata basis.

Unsubscribed shares, and share fractions, will be offered to institutional investors.

In case of under-subscription, lead manager and underwriter Wasatah Capital will subscribe to these rights.

Amiantit’s shareholders approved to increase capital through a SAR 120 million rights issue, Argaam reported.

Key Figures of the Capital Hike
Current Capital	SAR 200 mln
Number of shares	20 mln shares
Hike (%)	60% (0.6 share-for-1 share)
New capital	SAR 320 mln
Number of shares after increase	32 mln shares
Key Figures of the Rights Issue
Number of rights issue shares	12 mln shares
Issue price	SAR 10
Issue size	SAR 120 mln
Rights Trading	Dec. 7-14, 2020
Subscription Period	Dec. 7-17, 2020
Record date	End of second trading day after the extraordinary general meeting date
Use of proceeds	Net proceeds will be utilized as follows: -SAR 45 mln for financing the working capital requirements -SAR 17.21 mln for the repayment of suppliers’ dues -SAR 7.79 million worth of offering expenses.

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Amiantit to launch rights trading, subscription to new shares on Dec. 7

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