Molan Steel Co. has submitted an application to the Capital Market Authority (CMA) to increase its capital through a rights issue, the company said in a stock exchange filing.
The company’s board had earlier recommended a capital increase of SAR 26.6 mln (USD 7 mln) via the rights issue. The plan is subject to all required regulatory approvals.
The rights issue is intended to support asset acquisitions, business expansion, and working capital financing, the company said.
Molan Steel is a key supplier of steel products for the construction and fabrication sectors across the Middle East.
1 USD / 3.75 SAR
