Batic to launch rights trading, subscription to new shares on Dec. 13
Batic Investments and Logistics Co. will launch on Dec. 13 the rights issue trading period and subscription to new shares to raise its capital by 600% to SAR 175 million.
The rights trading will end on Dec. 20, while the subscription process will close on Dec. 23.
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Capital Increase Highlights |
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Current capital |
SAR 300 mln |
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Number of shares |
30 mln shares |
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Capital increase % |
100% |
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Capital after increase |
SAR 600 mln |
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Number of shares after increase |
60 mln shares |
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Rights Issue Highlights |
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Number of rights shares |
30 mln shares |
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Offering price per share |
SAR 10 |
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Issuance size |
SAR 300 mln |
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Eligibility ratio |
Each registered shareholder shall have one right for every share held |
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Record date |
Dec. 6 (Shareholders of record by the close of trading on the second day following the EGM date) |
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Use of rights issue proceeds |
Partial repayment of the bridge loan to Bank AlJazira to acquire 35.8% of Smart Cities Solutions Co. |
SAR 107.87 mln |
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Cost to acquire Smart Cities Solutions Co. |
SAR 1.31 mln |
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Financing Smart Cities Solutions Co. to pay its dues to AMNCO |
SAR 20.00 mln |
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Financing Smart Cities Solutions Co. to pay the remaining rent due to Eastern Region Municipality, related to smart parking project |
SAR 24.44 mln |
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Repayment of short-term loans |
SAR 40.00 mln |
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Financing smart parking projects |
SAR 46.20 mln |
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Supporting working capital of AlShifa Medical Technology Co. |
SAR 5.00 mln |
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Acquiring income-generating assets and businesses |
SAR 50.00 mln |
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Issue costs |
SAR 5.18 mln |
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