Logo ofMolan Steel Co.
Molan Steel Co.’s board of directors recommended on Oct. 10 a capital increase by SAR 26.6 million through a rights issue, according to a statement to Tadawul. 
The rights issue will allow Molan Steel to buy assets, expand operations, and finance working capital.
Shareholders of record and those registered with Edaa are eligible for this increase. The board’s proposal is subject to the approval of the relevant regulatory authorities and Molan Steel’s extraordinary general meeting (EGM).
The company will later announce the relevant developments as regards the appointment of the financial advisor and filing for the Capital Market Authority’s approval, the statement added.
In a separate statement to the Saudi Exchange, the board also proposed to transfer the entire offering premium, amounting to SAR 4.7 million to the retained earnings, according to a statement to Tadawul.
The company aims to offset its accumulated losses, reaching SAR 3.72 million, representing 13.97% of capital, as per the interim financial statements ended on June 30, 2024, the statement added.
Logo ofMolan Steel Co.
Molan Steel Co.’s board of directors recommended on Oct. 10 a capital increase by SAR 26.6 million through a rights issue, according to a statement to Tadawul.
The rights issue will allow Molan Steel to buy assets, expand operations, and finance working capital.
Shareholders of record and those registered with Edaa are eligible for this increase. The board’s proposal is subject to the approval of the relevant regulatory authorities and Molan Steel’s extraordinary general meeting (EGM).
The company will later announce the relevant developments as regards the appointment of the financial advisor and filing for the Capital Market Authority’s approval, the statement added.
In a separate statement to the Saudi Exchange, the board also proposed to transfer the entire offering premium, amounting to SAR 4.7 million to the retained earnings, according to a statement to Tadawul.
The company aims to offset its accumulated losses, reaching SAR 3.72 million, representing 13.97% of capital, as per the interim financial statements ended on June 30, 2024, the statement added.
