Riyadh, Saudi Arabia— The board of Anaam International Holding Group, Saudi poultry processing firm, has recommended an increase in capital of $42 million through a rights issue, resulting in a rise in its share price.
Anaam International’s share price climbed 3.53 percent to reach SR24.66, at 10:06 a.m. Saudi time.
According to a bourse filing, the capital increase is aimed at boosting the working capital, lowering the loan rates, and supporting the business growth of the company.
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.