Logo of Wataniya Insurance Co.

Wataniya Insurance Co.'s rights trading will close today, May 9, to increase capital by 100% from SAR 200 million to SAR 400 million, according to a bourse filing.

 

The insurer’s subscription to new shares and rights trading began on April 25. Subscription to new shares will close on May 12.  

 

Rights holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios. 

 

Capital Increase Details

Current capital

SAR 200 mln

Number of shares

20 mln

Capital increase (%)

100%

Capital after increase

SAR 400 mln

Number of shares after increase

40 mln
 

Rights Issue Details

Number of offered shares

20 mln 

Offering price per share

SAR 10

Size of issue

SAR 200 mln

Eligibility coefficient

Nearly one right for every share held

Record date

April 13, 2022

Rights issue proceeds

Financial investments

SAR 150 mln

General business

SAR 24 mln

Increasing the statutory reserve

SAR 20 mln

Estimated offering costs

SAR 6 mln

 

On April 13, Wataniya’s shareholders approved the board of directors’ recommendation to increase capital via SAR 200 million rights issue, according to data compiled by Argaam.

 

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