Mayar board recommends capital hike via SAR 110 mln rights issue

Logo of Mayar Holding Co.

Mayar Holding Co.’s board of directors recommended on Oct. 29 to increase the company’s capital through a SAR 110 million rights issue, according to a statement to Tadawul.

This capital increase will help Mayar implement its strategic and operating plans, cut debts, boost future activities, access new fields and finance the working capital.

Shareholders of record on the extraordinary general meeting (EGM) date, during which the capital increase is approved, and those registered with Edaa on the second day of trading following the EGM, will be eligible for the increase.

The capital top-up recommendation will be subject to the approval of the regulatory authorities as well as the EGM.

A financial advisor will be appointed and any relevant updates will be duly revealed, the statement added.

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