Riyadh – Mubasher: Nama Chemicals Company’s board recommended on Saturday increasing the company’s capital through rights issue at a value of SAR 400 million.
The capital hike will be limited to shareholders at the end of trading on the date of holding the extraordinary general meeting (EGM), according to a bourse filing on Sunday.
The Saudi-listed company aims to finance the production of new specialty chemicals related to its products through the capital raise.
The price and number of offered shares will be determined by the company during the EGM, the statement said.
Moreover, Nama Chemicals appointed Aljazira Capital as a financial advisor to manage the offering rights issue.
The chemicals company’s capital amounts to SAR 1.285 billion distributed over 128.52 million shares, at SAR 10 per share.
