The board of Anaam International Holding Group has recommended a capital hike through a rights issue worth SAR 157.50 million, according to a bourse disclosure.

In line with its growth plans, the company will use the increase proceeds to finance its working capital, reduce loan rates, and boost business operations.

Meanwhile, Anaam International appointed Wasatah Capital as the financial advisor for the rights issue transaction, which is still subject to the shareholders’ approval and nods of related authorities.

The Saudi listed firm pointed out that it will disclose any further developments regarding the process, including the date of submitting the capital hike application file to the Capital Market Authority (CMA).

Last May, Anaam International raised its capital by 200% to SAR 315 million from SAR 105 million.

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