The general assembly of the company approved Abundance for Industry and Developmenton the recommendation of the Board of Directors regarding an increase in the capital by 200%, by offering priority rights at a price of 10 riyals per share.
The company stated in a statement today, Wednesday, on “Saudi Tadawul”, that the company aims to raise 154 million riyals from the offering, bringing the capital to 231.51 million riyals from 77.17 million riyals before the increase.
She added that the reasons for the capital increase are the expansion of the company’s activities, the automation of production lines, and the optimal use of the spread of its brand to cover all regions of the Kingdom.
Wafrah expected that this would bring profit to the company and help it achieve its goals.
She indicated that the date of the eligibility of the priority rights shares will be for the company’s shareholders who own the shares on the day of the extraordinary general assembly who are registered in the company’s shareholders register with the Securities Depository Center Company (Depository Center), at the end of the second trading day following the date of the extraordinary general assembly.
