Riyadh – The extraordinary general meeting (EGM) of Anaam International Holding Group has approved the board’s proposal to increase the capital by SAR 210 million.

The 200% capital raise will be carried out by offering 21 million ordinary shares through two rights shares for every one owned share, according to a bourse disclosure.

Anaam International will increase the capital to SAR 315 million to be distributed over 31.50 million shares, compared to SAR 105 million and 10.50 million shares prior to the raise.

Moreover, the company aims to finance its working capital, invest in real estate assets, and own stakes in privately-owned firms through the capital hike transaction.

It is worth noting that the Saudi listed firm inked a Sharia-compliant facility deal worth SAR 160 million with Alinma Bank last April.

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