| Element List | Explanation |
|---|---|
| Previous Announcement | Al Yamamah Steel Industries Company announcement of the issuance of a decision by the Board of Directors of Al Yamamah Steel Industries Company to subscribe to the capital increase of Al Yamamah Company for Reinforcing Steel Bars (a subsidiary - a closed joint stock company) |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-11-13 Corresponding to 1447-05-22 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Al Yamamah Steel Industries Company received the resolution of the Extraordinary General Assembly of Al Yamamah For Reinforcing Steel Bars Company (a subsidiary and closed joint-stock company). The assembly approved the Board of Directors' recommendation to increase the company's capital by issuing 25 million new shares. These shares are to be offered at the company's book value of twelve Saudi Riyals (SAR 12) per share to interested shareholders, with the aim of strengthening the financial position and financing the construction of the second phase of the company's plant. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Al Yamamah Steel Industries Company is participating in the rights issue of its subsidiary by subscribing to 6.3 million shares at a price of SAR 12 per share, totaling SAR 75,600,000, To be funded through the company's own resources. Consequently, Al Yamamah Steel Industries Company’s stake in Al Yamamah For Reinforcing Steel Bars Company (the subsidiary) will become 51% following the capital increase, which is subject to the subsidiary obtaining the necessary regulatory approvals, down from the 72.5% stake held prior to the capital increase. |
Al Yamamah Steel Industries Company announces an update on the subscription to the capital increase of Al Yamamah Company for Reinforcing Steel Bars (a subsidiary – a closed joint-stock company).
AI Summary
- Al Yamamah Steel Industries Company will subscribe to 6.3 million shares in the capital increase of its subsidiary, Al Yamamah For Reinforcing Steel Bars, at a total cost of SAR 75.6 million.
- The subsidiary's Extraordinary General Assembly approved issuing 25 million new shares at SAR 12 per share to finance the second phase of its plant construction and strengthen its financial position.
- Al Yamamah Steel Industries Company's ownership stake in the subsidiary will decrease from 72.5% to 51% following the capital increase, which is subject to regulatory approvals.
- The SAR 75.6 million investment will be funded through the company's own internal resources.
