Allianz SF remaining rights issue 539% oversubscribed

Allianz Saudi Fransi Cooperative Insurance Co.’s (Allianz SF) remaining rights issue shares were 538.78% oversubscribed, with a total value of SAR 36.74 million from 2.5 million shares at SAR 14.72 per share, the company said in a bourse filing.

The net proceeds from the rights issue and fractional shares is SAR 11.78 million, the insurer added, noting that the new shares will be added into shareholders accounts on July 16, 2020.

On June 22, Allianz SF kicked off subscription to new shares and rights trading to raise its capital from SAR 200 million to SAR 600 million, Argaam reported.

The rights issue was 93.8% subscribed, as subscribers injected SAR 375.04 million in 37.5 million shares.

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