Saudi Arabian Amiantit Company announced that (10,623,435) shares of the new offered shares have been subscribed to increase the capital out of a total of 12 million shares.
According to Arabiya Net, the company said in a statement to the Saudi market that the value of the subscribed shares amounted to 106.23 million riyals, while the coverage percentage of the total new offered shares, about 88.53%.
and clarified that the remaining shares will be offered to a number of institutional investors, provided that those institutions submit purchase offers for the remaining shares, and the remaining shares will be allocated to investment institutions by giving The priority for the highest-priced offer, then the lowest, and the lowest, provided that it is not less than the offering price.
and stated that shares will be allocated proportionately to institutional investors that make the same offer. In the event that there are shares not purchased by the investment institutions, these shares will be allocated to the underwriter who will buy them at the offering price.
The 1.377 million shares remaining offering period for shares that has not yet been subscribed will start from ten in the morning next Tuesday and continue until five in the evening next Wednesday.
The extraordinary general assembly of the company, at the beginning of this month, agreed to reduce the company's capital and approve the increase of the company's capital through a rights issue offering.
The association agreed to reduce the capital by 24% to reach 200 million riyals by canceling 14 million and 450 thousand shares, with the aim of extinguishing 96.6% of the accumulated losses .
The General Assembly also agreed to increase the capital by 60% by offering rights issues of 120 million riyals to reach 320 million riyals.
