Raydan Food Company has submitted a request for approval of the capital increase to the Saudi Capital Market Authority.
According to Arabianet, Raydan has appointed FALCOM Financial Services as a financial advisor to manage the IPO in the rights issue.
The Board of Directors of Raydan Food Company had recommended, in September 2020, to increase the capital by offering priority rights shares at a value of 112.5 million riyals, conditional on obtaining the approval of the relevant official authorities Relationship and Extraordinary General Assembly.
The reasons for the increase are to support the expansion of the company’s activity by injecting new funds to provide working capital to increase the operational capacity and support the future activity of the company.
and shareholders who own shares will be eligible on the day of the extraordinary general assembly that decided to increase the capital by offering priority rights shares and whose names appear in the registry of the issuer's shareholders at the Depository Center At the end of the second trading day following the date of the convening - the extraordinary general assembly that decided to increase the capital.
