Saudi-listed Ayyan Investment Company will start next week the subscription to its new share offering, according to a disclosure on Wednesday.

The company is looking to raise its capital via a SAR 200 million ($53.3 million) rights issue. It is offering 20 million shares, representing 24.8% of the capital, at SAR 10 per share.

The subscription period will start on July 14 and end on July 24, the company said in a filing with the Saudi Stock Exchange (Tadawul).

“During this period, all priority rights holders, whether registered shareholders or new shareholders, may exercise their right to subscribe to new shares,” the company said in its prospectus.

The company’s shareholders had earlier approved the plan to raise the capital to SAR 1 billion from SAR 806.36 million.

After the offering, the company’s number of shares will reach 100.63 million, up from 80.63 million shares.

(Writing by Cleofe Maceda; editing by Seban Scaria)