Al Hokair begins trading in priority rights and subscribing to new shares

Today, Monday, the Abdul Mohsen Al Hokair Group for Tourism and Development began the period of trading priority rights and subscribing to new shares.

According to Arabiya Net, the rights trading period and subscription to new shares begins on today 12-16-1442 corresponding to 07-26-2021, while the rights trading period ends The priority is on 12-23-1442 corresponding to 08-02-2021, and the subscription period for new shares is on 12-26-1442 corresponding to 08-05-2021, according to the company’s statement on the Saudi market’s website Tadawul.

Eligibility will be for the shareholders who own the shares on the day of the Extraordinary General Assembly, on Thursday 28/11/1442 AH corresponding to 07/08/2021AD.

The rights holders are allowed to exercise their right to subscribe in whole or in part to the new shares within the limits of the number of rights in their portfolios.

The Al Hokair Group had announced the shareholders' approval in the extraordinary general assembly meeting on the company's capital structure.

The company said in a statement on Saudi Arabia's Tadawul that the shareholders agreed to the board's recommendation to reduce the company's capital to 343 million riyals, instead of 550 million riyals, and thus reduce the number of The company's shares became 34.3 million riyals, instead of 55 million riyals, at a reduction rate of 37.6%.

It stated that the reason for the capital reduction was to extinguish the accumulated losses by 207 million riyals, by canceling 20.7 million shares of the company's shares, by reducing one share for every 2.657 shares.

The Al Hokair Group said that the shareholders also agreed to the Board of Directors' recommendation to increase the capital by offering priority rights, so that the company's capital after the increase became 650 million riyals, instead of From 343 million riyals, through a rights issue of 307 million riyals.

The rate of increase for each share is 89.5%, and the value of the offering for each share and its nominal value is 10 riyals, with a number of offered shares of 30.7 million shares.