RIYADH: Batic Investments and Logistics Co.’s rights issue was undersubscribed with a coverage ratio of approximately 85 percent, a bourse filing revealed.
The number of subscribed shares stood at 25.5 million, amounting to nearly SR255 million ($67.9 million) and leaving around 4.5 million unsubscribed shares.
Rump shares will be offered to institutional investors who provide the highest bid on these shares, bearing in mind that the bid must exceed the offer price of SR10.
The rump offering period will start on Dec. 28 and run through Dec. 29, 2021.
Earlier this month, the company’s shareholders approved the move to raise capital by 100 percent through the SR300 million rights issue.
This set the target capital at SR600 million.
