RIYADH: The National Metal Manufacturing and Casting Company (Maadaniyah) will increase its capital by 51.3 percent to SR354 million ($94.3 million), through a rights issue, Argaam reported.
The Saudi Capital Market Authority (CMA) had approved on Sept. 14, 2021, the company’s request to increase its capital through a rights issue with a value of SR120 million ($31.9 million) and an offering price of SR10 per share.
The main goal from this increase is to raise its financial solvency and reduce borrowing rates and costs incurred from them.
