Riyadh –  Wafrah for Industry and Development Company has recorded a 77.81% coverage rate of its rights issue trading and new shares subscription.

A total of 12 million shares out of 15.43 million shares were oversubscribed at a value of SAR 120.09 million, according to a bourse filing on Sunday.

Meanwhile, the listed firm pointed out that the rump shares will be offered to institutional investors for subscription during 5-6 July.

Last month, Wafrah obtained its shareholders’ approval to increase the capital to SAR 231.51 million from SAR 77.17 million through a rights issue.

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