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Arabia Insurance Cooperative Co. (AICC) issued the prospectus for its SAR 265 million rights issue.

 

The company’s capital will be increased to SAR 530 million by offering 26.5 million shares at a nominal value of SAR 10 each.

 

On Sept. 5, the Capital Market Authority (CMA) approved the company's request for the capital increase. An extraordinary general assembly meeting will be held on Nov. 9 to vote on the capital hike.

 

Capital Hike Details

Current Capital

SAR 265 mln

Number of shares

26.5 mln

Capital hike%

100%

Capital after increase

SAR 530 mln

Number of shares after increase

53 mln shares
 

Rights Issue Details

Number of rights shares

26.5 mln

Offering price per share

SAR 10

Eligibility Ratio

One share per each existing share

Record date

Shareholders owning shares by the end of trading on the date of the extraordinary general assembly meeting

Rights issue proceeds

Financial investments

SAR 233.5 mln

Increasing statutory reserve

SAR 26.5 mln

Offering cost

SAR 5 mln
Rights Issue Prospectus

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