Saudi Builder Khodari Hires Advisor For SAR500m Rights Issue

Saudi Arabia’s Abdullah Abdul Mohsin al-Khodari and Sons has appointed GIB Capital to manage its proposed SAR500 million ($133.2 million) capital hike, it said in a statement on Sunday.

No further details about the capital rise were included in the statement on the Saudi bourse. GIB Capital is the investment banking arm of Gulf International Bank.

The builder announced the proposed rights issue last Tuesday, saying it will use the money to expand its business. The price and number of shares to be issued will require the approval of the bourse regulator and an extraordinary shareholder meeting, it said at the time.