Edaa deposits Maadaniyah tradable rights, applies securities quantity decrease today

Logo of National Metal Manufacturing and Casting Co. (Maadaniyah)

The Securities Depository Center Co. (Edaa) will deposit today, Nov. 28, National Metal Manufacturing and Casting Co.’s (Maadaniyah) tradable rights into the accounts of the securities holders, according to a bourse filing.

Meanwhile, Edaa also implemented the securities quantity decrease for Maadaniyah on the accounts of eligible shareholders.

The company’s shareholders approved the board of directors’ recommendation on 16.76% capital cut from SAR 281.12 million to SAR 234 million, during the extraordinary general assembly meeting (EGM) held on Nov. 23, Argaam reported.

They also approved SAR 120 million capital increase, through a rights issue.

Rights trading and subscription to new shares begins Nov. 29. Rights trading period will end on Dec. 6, while subscription period will continue until Dec. 9.