Shams says rump offering 136.93% oversubscribed

Logo of Tourism Enterprise Co. (Shams)

Tourism Enterprise Co. (Shams) announced that the rump offering was 136.93% oversubscribed, according to a statement to Tadawul today, Dec. 15.

Offering Details
Number of Shares Sold	7.38 mln
Total Proceeds from Selling Rump Shares	SAR 73.82 mln
Coverage Ratio (%)	136.93%
Average Selling Price per Share	SAR 10.68
Net Compensation for Holders of Rights & Fractional Shares	SAR 5.02 mln
Date of Depositing Shares in Shareholders Accounts	Dec. 20, 2022

Subscription to new shares and rights trading ran from Nov. 27 to Dec. 12, Argaam’s data showed.

The SAR 525.7 million rights issue saw a total of 52.57 million shares were offered at SAR 10 each. This came to raise the company’s capital from SAR 52.57 million to SAR 578.24 million.

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