Logo of Arabia Insurance Cooperative Co. (AICC)
Arabia Insurance Cooperative Co. (AICC) issued its prospectus for capital increase through offering 26.5 million rights issue shares worth SAR 265 million, at SAR 10 each.
The insurer’s capital after increase will reach SAR 530 million.
The company aims to use the funds to expand its activities.
The Capital Market Authority (CMA) approved, on May 23, AICC's application to raise its capital through a SAR 265 million rights issue.
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Capital Hike Highlights |
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Current capital |
SAR 265 mln |
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Number of shares |
26.5 mln |
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Capital hike (%) |
100% |
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Capital after increase |
SAR 530 mln |
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Number of shares after increase |
53 mln |
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Rights Issue Details |
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Number of rights shares |
26.5 mln |
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Offering price per share |
SAR 10 |
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Size of issue |
SAR 265 mln |
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Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to one share per each owned share |
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Record date |
Shareholders of record by the close of trading on the extraordinary general meeting (EGM) date and registered shareholders at the end of the second trading date following the EGM date |
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Use of proceeds |
Financial Investments |
SAR 233.5 mln |
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Increase in statutory deposit |
SAR 26.5 mln |
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Offering cost |
SAR 5 mln |
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