Shams board amends capital hike recommendation via rights issue to SAR 525.2 mln

Tourism Enterprise Co. (Shams)

Tourism Enterprise Co.'s (Shams) board of directors approved, on Feb. 15, amending its recommendation to increase capital by offering rights issue from SAR 315.40 million to SAR 525.24 million.

Capital Increase Details
Capital after increase	SAR 52.57 mln
Number of shares before increase	5.26 mln
Capital hike%	1000% (through issuance of 10 shares for each share)
Capital after increase	SAR 578.24 mln
Number of shares after increase	57.82 mln
Reason for increase	To support working capital, enhance financial solvency, rehabilitate the current resort in the Eastern Province, and invest in the tourism sector to support Vision 2030, which aims to boost and develop hospitality facilities and other tourism services in line with the future plans of the General Entertainment Authority.
Method of increase	Issuance of rights shares worth SAR 525.24 million.

The company added that the process of increasing its capital by offering priority rights is subject to the approval of the official authorities and the approval of its extraordinary general assembly.

Any new developments will be announced in due course.

The company's shareholders approved, in December 2021, the board's recommendation on reducing capital by 48.21% to SAR 52.57 million, from SAR 101.5 million, according to Argaam’s data.

For More IPOs

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Related News

Market Indices

Quotes

Popular Links

Quick Links

About Us

Join Us

Follow Us