RIYADH: Saudi poultry processing firm Anaam International Holding Group’s board recommended an increase in capital of SR158 million ($42 million) through a rights issue, resulting in a rise in its share price.
Anaam International's share price rose 0.76 percent to reach SR24, at the end of Tuesday's closing.
The capital increase is aimed at boosting the working capital, lowering the loan rates, and supporting the business growth of the company, according to a bourse filing.
The capital hike is subject to the approval of the relevant official authorities and the company’s shareholders.
Wasatah Capital was appointed to act as the financial advisor to the offering.