Dubai – Mubasher: The rights issue of Al Ramz Corporation Investment and Development will be tradable on the exchange from 25 October to 7 November, according to the Dubai Financial Market (DFM).
Trading of the rights issue enables the company’s existing shareholders who do not wish to subscribe to the new shares, to sell all or part of their rights to other investors who do wish to subscribe.
The priority right to subscribe for the capital increase shares shall be given to the owners of the rights issue at the end of the clearing and settlement cycle for the trades of such rights.
The opening price of the rights issue has been set at 6 fils, based on the company’s adjusted share price on the market minus the new shares' issuing price.
“The rights issue will be free-floated on its inaugural day only, while price movement will be in line with DFM’s fluctuation range of 15% up and 10% down from day two until the end of the trading period,” the statement highlighted.
The company will be transferred from the real estate and construction sector to the investment and financial services sector as of 25 October.
