Logo of Amana Cooperative Insurance Co.

Amana Cooperative Insurance Co. announced the prospectus for its capital increase through offering rights issue shares worth SAR 300 million.

 

The capital will be increased to SAR 430 million through offering 10 million rights issue shares at a nominal value of SAR 10 apiece.

 

The capital hike is aimed at supporting future plans and boosting solvency margin.

 

The Capital Market Authority (CMA) approved, on May 23, Amana’s application to increase capital through a rights issue, as per Argaam data.

 

Capital Hike Details

Current capital

SAR 130 mln

Number of shares

13 mln shares

Capital hike%

231%

Capital after increase

SAR 430 mln

Number of shares after increase

43 mln shares
 

Rights Issue Details

Number of shares offered

30 mln shares

Offer price

SAR 10

Size of issue

SAR 300 mln

Eligibility coefficient

Nearly 2.3 right for every share held

Record date

Shareholders registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the EGM date.

Rights issue proceeds

Investment

SAR 249.2 mln

Increasing statutory deposit

SAR 45.0 mln

Offering fees

SAR 5.8 mln
 

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