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Al Yamamah Steel's SAR 75.6M Capital Raise Dilutes Stake to 51%
Al Yamamah Steel will inject SAR 75.6M into its rebar subsidiary for a Phase II factory expansion, reducing its ownership from 72.5% to 51%.
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Al Yamamah Steel Industries will inject SAR 75.6 million into its reinforcing steel bars subsidiary, subscribing to 6.3 million new shares at book value. The funds are allocated to a Phase II factory expansion, according to a filing on the Saudi Exchange (Tadawul).
The subsidiary, Al Yamamah Company for Reinforcing Steel Bars, is issuing 25 million shares to existing shareholders at SAR 12 each. The capital increase was approved by an extraordinary general assembly meeting. Al Yamamah Steel's subscription of 6.3 million shares will be paid from internal resources.