IssuerAnnouncementDetailsV2Portlet
Molan Steel Co. Announces the Board's Recommendation to Increase the Capital by Offering Right Issues
| Element List | Explanation |
|---|---|
| Introduction | Molan Steel Co. announces its Board’s recommendation to increase its Capital by SAR 26,600,000 through the Offering of a Rights Issue. |
| Date of Board Meeting | 2024-10-10 Corresponding to 1446-04-07 |
| Target Amount | SAR 26,600,000. |
| Reasons for the increase | The rights issue will allow Molan Steel Co. to buy assets, expand its operations, and finance working capital. |
| Eligibility date | Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer’s Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly’s Meeting. |
| Approvals | The Board’s recommendation is subject to the approval of the relevant regulatory authorities and Molan Steel Co. shareholders at the Extraordinary General Assembly Meeting. |
| Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA | We will announce later the appointment of the financial advisor for the Rights Issue and the submission of the Capital Increase application file to the CMA. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.