Al Jouf Agricultural proposes capital increase with 4.5m new shares
Al Jouf Agricultural Development Company plans to boost its capital by issuing 4.5 million new shares to Almunajem Foods, increasing the latter's stake.
Al Jouf Agricultural Development Company is set to increase its capital by issuing 4.5 million new shares to Almunajem Foods, boosting Almunajem's stake in the process. The company's board of directors has recommended this capital increase, with the proposed issuance of 4,500,000 ordinary shares. These new shares will account for 15% of the company's existing capital and 13.04% of the total capital after the increase.
Each share will carry a nominal value of 10 riyals (SAR), and the offering price has been set at 52.5 riyals per share, resulting in a total offering value of 236.2 million riyals. Pre-emptive rights will be suspended for this particular offering, as Almunajem Foods Company will be the sole subscriber to all the newly issued shares.
Post-capital increase, Almunajem Foods will hold a 20.3% stake in Al Jouf Agricultural Development, which includes its current ownership.
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