Saudi investment conglomerate Savola Group saw its rump offering oversubscribed by 814.2%, with the total proceeds amounting to 943.4 million riyals ($251 million) from 35 million shares.
The average price per share sold was SAR 26.88, with the net compensation for right issues and fraction shares amounting to SAR 592.4 million.
On August 29, Savola offered 600 million ordinary shares in a new subscription to raise its capital by SAR 6 billion to bolster its finances, as it looks to meet debt payments and fund future investments.
The rights issue attracted SAR 5.6 billion, with a subscription coverage reaching 94.2%.
(Writing by Bindu Rai, editing by Seban Scaria)
bindu.rai@lseg.com
