Al Jouf Agricultural proposes capital increase with 4.5m new shares
Al Jouf Agricultural Development Company plans to boost its capital by issuing 4.5 million new shares to Almunajem Foods, increasing the latter's stake.
Key Takeaways
AIThe board of directors of Al Jouf Agricultural Development Company has recommended, via circulation, increasing the company’s capital by issuing 4,500,000 new ordinary shares, representing 15% of the current capital and 13.04% of the capital after the increase.
The company stated that the nominal value of each new share is 10 riyals (SAR), with the offering price set at 52.5 riyals per share, bringing the total value of the offering to 236.2 million riyals.
Al Jouf Agricultural Development added that pre-emptive rights will be suspended for this offering, as Almunajem Foods Company will subscribe to all the newly issued shares.
Following the capital increase, Almunajem Foods’ ownership in Al Jouf Agricultural Development will rise to 20.3%, including its current stake.