Maadaniyah rights issue 86.73% subscribed

Logo of Maadaniyah

National Metal Manufacturing and Casting Co.’s (Maadaniyah) rights issue was 86.73% covered, as subscribers injected SAR 104.08 million in 10.407 million new shares, the company said in a bourse filing.

The rump shares will be offered to a number of institutional investors, provided that those institutions bid for these shares. 

Rump shares will be allocated first to the institutional investors with the highest bids. The shares will be allocated proportionately to the institutional investors submitting the same offer. Fractional shares (if any) will be added to the rump shares and treated similarly. 

The rump offer for 1.59 million shares will start from 10am on Dec. 14, until 5pm on Dec. 15. 

The rights trading period closed on Dec. 6, while subscription to the new shares ended on Dec. 9. 

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