Saudi Sadr Logistics' EGM nods capital increase to $46.66mln

The capital will rise by $40mln to $46.66mln, compared to $6.66mln

  
Saudi riyal. Image used for illustrative purpose.

Saudi riyal. Image used for illustrative purpose.

Getty Images
Riyadh –  The extraordinary general meeting (EGM) of Sadr Logistics Company has approved a 600% capital increase by offering the right issues.

The capital will rise by SAR 150 million to SAR 175 million, compared to SAR 25 million, according to a bourse filing on Thursday.

Rights issue of 15 million ordinary shares will be offered at a nominal value of SAR 10 per share for the capital increase.

This step aims to enable the company to carry out its strategic and operational plans and support the expansion of logistics services.

 

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities