The shareholders of Sadr Logistics Services Company approved increasing the company's capital through a rights issue, during the extraordinary general assembly meeting on Wednesday.
According to Arabia Net, the Sadr Logistics Services Company had announced the board of directors’ recommendation to increase the company’s capital by offering rights issues of 150 million riyals, while the current capital amounted to 25 million riyals, bringing the capital after the increase to 175 million riyals.
The percentage of the capital increase is 600%, and the number of shares after the increase becomes 17.5 million shares instead of 2.5 million shares before the increase, with an increase of 6 right per share.
The eligibility will be for the shareholders owning shares on the day of the extraordinary general assembly who are registered in the company’s shareholders register with the Securities Depository Center Company, the Depository Center at the end of the second trading day following the date of the extraordinary general assembly.
The trading period for rights and subscription to new shares begins on December 6, 2021, and the end of the rights trading period is December 13, 2021, and the end date of the subscription phase for new shares is December 16, 2021.
The company said in a previous statement that the reasons for the increase are to enable it to implement its strategic and operational plans and to support the expansion of logistics services.
In a separate statement, after announcing the results of the company’s general assembly, the Saudi Tadawul Group stated that the company’s share fluctuation rate will be calculated today, Thursday, based on the price of 71.30 riyals, and the existing orders will be canceled.
She added that the rights of the Sadr Logistics Services Company will be deposited in the shareholders' portfolios on Monday, December 6, 2021.
