Ayyan Investment Company Initiates $53 Million Rights Issue

Ayyan Investment Company, listed on the Saudi Stock Exchange (Tadawul), has disclosed plans to begin the subscription for its new share offering next week. The company aims to increase its capital by SAR 200 million ($53.3 million) through a rights issue, offering 20 million shares at SAR 10 each. This represents 24.8% of the company's capital.

The subscription period will commence on July 14 and conclude on July 24, according to the company's filing with Tadawul. During this period, all priority rights holders, including both registered and new shareholders, can subscribe to the new shares, as outlined in the company's prospectus.

Earlier, shareholders had approved the capital raise, which will see the company's capital grow from SAR 806.36 million to SAR 1 billion. Consequently, the number of shares will increase from 80.63 million to 100.63 million.

Source: Zawya