Al Yamamah Metal Industries Firm emblem
The board of administrators of the corporate determined Al Yamama Metal Industries Throughout its assembly at the moment, it participated within the subscription for six.3 million rights shares in its subsidiary, Al Yamamah Reinforcing Metal, at a value of 12 riyals per share, with a complete worth of 75.6 million riyals, which will probably be financed from the corporate’s personal assets.
She defined that the subsidiary has advisable elevating its capital by 300 million riyals to succeed in 600 million riyals, by providing 25 million shares for subscription with precedence rights value 12 riyals per share, and providing them to the corporate’s shareholders for subscription, with the purpose of financing the iron blocks manufacturing facility mission, after acquiring the approvals of the related authorities.
It acknowledged that the subsidiary firm had requested Al Yamamah Metal Industries Firm to tell about the potential of its participation in contributing to masking the subscription for the capital enhance.
The corporate indicated that its possession proportion in Al-Yamamah Reinforcing Metal will turn into 51% after implementing the capital enhance, in comparison with 72.5% at present.
