The Dubai Financial Market announced that the rights to subscribe for the shares of the capital increase of Gulfa Mineral Water and Converting Industries will be traded from June 21 to July 2, 2020. >
According to the Emirates News Agency, circulation of subscription rights allows shareholders who do not wish to use their right to subscribe to sell this right in whole or in part to the market to others who wish to subscribe to the capital increase shares. The Company The right to subscribe is a financial instrument that represents the legal right granted to the company's shareholders to subscribe to the shares of the capital increase.
The subscription rights are distributed to the shareholders in exchange for their shares, and these rights will be recorded in the shareholders ’accounts with brokers or custodial companies if the original shares are registered in accounts. The shareholders have and the subscription rights will be recorded in the shareholders ’accounts with the clearing. If the original shares are registered with the clearing, and each shareholder will obtain one subscription right / 1 / for each / 3 / shares he owns and will be held on the date of eligibility.
The IPO will be traded exclusively on the market during the previous time period indicated separately from the original stock and the GULFA-RI20 trading code and authorizes the IPO mechanism for the owners of these rights in The end of the clearing and settlement period for the circulation of those rights. Subscription to the capital increase shares, knowing that the validity of the right of the subscription is limited in time and loses its value automatically if the right holder does not subscribe to the capital increase shares.
The opening price for the right of subscription was set at 14.1 dirhams, on the basis of the company's share price in the market after adjusting it, minus the issue price, knowing that the rights of the subscription will be traded without price limits. On the first day only while the maximum and minimum limits for the movement of shares in the market are applied 15% up and 5% down on the prices of those rights from the second day of their circulation until the end of the trading period. It is subject to mortgage and shall not be subject to margin trading.
The subscription will be implemented in the shares of the capital increase of Gulfa Mineral Water and Converting Industries Company during the period from June 28 to July 9 2020 by offering 10 million shares at the issue price of AED 1 The share aims to increase the capital to 40 million dirhams.
