Riyadh: The shareholders of Ayyan Investment Company approved a 24.80% capital raise to SAR 1 billion from SAR 806.36 million, according to a bourse disclosure.

After implementing the transaction, the number of shares will stand at 100.63 million, compared to 80.63 million shares.

The company will offer 20 million rights issue shares at a ratio of 0.248 rights for each share.

The Capital Market Authority (CMA) greenlighted Ayyan Investment’s SAR 200 million capital hike last May, while the Extraordinary General Meeting (EGM) passed the process on 8 July.

In the first quarter (Q1) of 2024, the net losses of Ayyan Investment hiked by 19.67% year-on-year (YoY) to SAR 55.91 million from SAR 46.72 million.

Revenues jumped by 44.28% to SAR 99.82 million as of 31 March 2024 from SAR 69.18 million a year earlier, while the loss per share increased to SAR 0.69 from SAR 0.58.

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