The subscription to Al Sorayai Trading and Industrial Group’s rights issue closes today, Thursday, Feb. 6, the insurer said in a bourse statement

 

Al Sorayai began its rights issue on Monday, Jan. 27 to raise capital to SAR 178.16 million from SAR 65.5 million.

 

Al Sorayai offered 11.27 million right shares at SAR 10 each at a total value of SAR 112.67 million.

 

Rights trading closed on Feb. 3. 

 

Aljazira Capital, the offering financial advisor and lead manager, had earlier said that rights holders were entitled to subscribe to the new shares partially or fully pro rata. The remaining shares will be reoffered to institutional investors.

 

Key Figures of the Capital Hike

Current Capital

SAR 65.5 mln

Number of shares

6.55 mln

Hike %

172%

New Capital

SAR 178.16

New number of shares

17.82 mln

Key Figures of the Rights Issue

Number of right shares

11.27 mln

Offering price

SAR 10

Offering size

SAR 112.66 mln

Record date

Jan. 22, 2020

Eligibility

1.72 rights for every 1 share held

Beginning of rights trading period and new shares subscription

Jan. 27, 2020

End of rights trading period

Feb. 3, 2020

End of new shares subscription period

Feb. 6, 2020

Use of rights issue proceeds

Supporting the group’s strategic plan and raising its solvency margin by restructuring and implementing an action plan that focuses on its core activities

Additional Information

Financial Advisor and lead manager

Aljazira Capital

Underwriters

Aljazira Capital- Wasatah Capital

 

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