National Metal Manufacturing and Casting Co. (Maadaniyah) announced the prospectus for its capital increase through offering rights issue shares worth SAR 120 million.
The Capital Market Authority (CMA) approved the request received from the company, dated Sept. 14, to increase capital through SAR 120 million rights issue, as per Argaam’s data.
The company aims to increase its capital to raise its solvency and reduce lending rates and incurred expenses.
The company set the offering price at SAR 10/share
Capital Hike Details | ||
Capital (after reduction and before increase) | SAR 234 mln | |
Number of shares | 23.40 mln shares | |
Capital hike% | 51.3% | |
Capital after increase | SAR 354 mln | |
Number of shares after increase | 35.40 mln shares | |
Rights Issue Details | ||
Number of shares offered | 12 mln shares | |
IPO price | SAR 10/share | |
Size of issue | SAR 120 mln | |
Record date | Shareholders owning shares by the end of trading on the date of the extraordinary general assembly meeting. | |
Uses of offering proceeds | High-pressure valves factory | SAR 30 mln |
Repayment of loans | SAR 25 mln | |
Working capital | SAR 24.5 mln | |
Wire production line project | SAR 20.0 mln | |
Aluminum casting factory | SAR 15.0 mln | |
Issue expenses | SAR 5.50 mln | |
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