Riyadh –  The shareholders of Raydan Foods Company gave the green light for the board’s recommendation to increase the capital through a rights issue of 11.25 million ordinary shares.

The value of the offering will stand at SAR 112.5 million, according to a bourse disclosure on Wednesday.

Through the capital hike, Raydan aims to endorse its expansion plans through new cash flows, while saving the working capital to increase its operational capacity.

In December 2020, the listed firm submitted a request to the Capital Market Authority (CMA) to increase its capital.

Source: Mubasher

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