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Savola shareholders approve SAR 6B rights issue
Savola Group’s shareholders approved increasing capital via a SAR 6 billion rights issue, during the extraordinary general meeting (EGM) on Aug. 25, according to a statement to Tadawul.
| Capital Increase Details | |
| Current Capital | SAR 5.339 bln |
| Current Number of Shares | 533.98 mln |
| New Capital | SAR 11.339 bln |
| New Number of Shares | 1.133 bln |
| Capital Hike (%) | 112.36% (or 1.1236 rights share for every 1 held share) |
| Offer Price | SAR 10 |
| Reason for Increase | To enable the company to strengthen its financial position and support its future investment portfolio by paying off its debts and enabling it to distribute its shares in Almarai Co. to Savola’s eligible shareholders through a capital reduction following the rights issue |
| Method | SAR 6 bln rights issue |
| Record Date | Aug. 25 and shareholders registered with Securities Depository Center (Edaa) at the end of the second trading day following the EGM date |
The Saudi Exchange (Tadawul) announced that fluctuation limits today, Aug. 26, will be based on a share price of SAR 26.95 and the outstanding orders will be canceled.
Edaa will deposit the shares into investor portfolios by Aug. 28.
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