Savola shareholders approve SAR 6B rights issue

Savola Group headquarters

Savola Group’s shareholders approved increasing capital via a SAR 6 billion rights issue, during the extraordinary general meeting (EGM) on Aug. 25, according to a statement to Tadawul.

Capital Increase Details
Current Capital	SAR 5.33 bln
Current Number of Shares	533.98 mln
New Capital	SAR 11.33 bln
New Number of Shares	1.13 bln
Capital Hike (%)	112.36% (or 1.1236 rights share for every 1 share held )
Offer Price	SAR 10
Reason for Increase	To strengthen the company’s financial position and support its future investment portfolio by paying off debts and enable it to distribute its shares in Almarai Co. to Savola’s eligible shareholders through a capital reduction following the rights issue
Method	SAR 6 bln rights issue
Record Date	Aug. 25 and shareholders registered with Securities Depository Center (Edaa) at the end of the second trading day following the EGM date

For More IPOs

The Saudi Exchange (Tadawul) announced that fluctuation limits today, Aug. 26, will be based on a share price of SAR 26.95 and the outstanding orders will be canceled.

Edaa will deposit the shares into investor portfolios by Aug. 28.

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