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Sun 15 Apr 2007 11:37 AM

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Saudi Aseer plans $325m rights issue

Saudi Aseer Trading, Tourism and Industry plans to raise 1.22 billion riyals ($325 million) by selling stock to existing shareholders to fund expansion.

Saudi Aseer Trading, Tourism and Industry plans to raise 1.22 billion riyals ($325 million) by selling stock to existing shareholders to fund expansion, the company said on Sunday.

The firm will offer over 45.1 million shares to increase total shares by 55.5%. Shares will be sold at 27 riyals each between April 16 and April 25, Aseer said in a statement in the bourse's website.

The sale price includes a 17 riyal issue premium. Aseer's stock closed at 38 riyals on Saturday.

Aseer said the issue would help finance expansion without giving further details.

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