Saudi Arabia-based AXA Cooperative Insurance Company approved on Tuesday a SAR 250 million capital raise through rights issue.
AXA plans to use proceeds to enhance its solvency margin and support its future growth activities.
The first phase of the offering will last from Feb. 17 throughout Feb. 26, and is open only to registered shareholders.
The second phase, which will be held from March 1 to March 3, is available for all rights issue shareholders whether registered or buyers.
The kingdom’s market regulator, the Capital Market Authority (CMA) approved in November the insurer’s capital raise, according to data compiled by Argaam.
|
Capital Raise Details |
|
|
SAR 200 mln |
Current capital |
|
20 mln shares |
Number of shares |
|
125% |
Capital raise percentage |
|
SAR 450 mln |
New capital |
|
45 mln shares |
Number of Shares after raise |
|
February 10, 2015 |
Subscription date |
|
Rights Issue |
|
|
25 mln |
Number of new shares |
|
SAR 10 per share |
IPO Price per share |
|
SAR 250 million |
IPO Size |
|
Feb. 10 |
Record date |
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