RIYADH: Saudi poultry processing firm Anaam International Holding Group seeks to increase its capital to pay off a large part of its SR154 million ($41 million) loan in order to reduce the debt cost in light of high-interest rates.
The loan was used to purchase an administrative building in Jeddah for Anaam, said its CEO, Hassan Saad Al-Yamani.
Earlier this week, Anaam Group announced its board recommendation for SR158 million capital increase through a rights issue.
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.