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Saudi builder Khodari delays submitting rights issue proposal to July

The company announced a capital increase that would be submitted a month later than originally outlined to the market

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Saudi Arabia's Abdullah Abdul Mohsin al-Khodari and Sons said on Sunday its proposal for a capital increase would be submitted to the market regulator during July, a month later than originally outlined.

The company did not elaborate on the reason for the delay, except to say it was still in the process of preparing the application to the Capital Market Authority with its financial adviser GIB Capital.

The builder announced in November it planned a 500 million riyal ($133 million) rights issue to help expand its business, adding in March it would submit the proposal by end-June.