Logo of Amana Cooperative Insurance Co. 

Amana Cooperative Insurance Co. will launch today, June 6 its rights issue and subscription process to new shares to raise capital by from SAR 130 million to SAR 430 million.

 

The rights trading period will run through June 13, while the subscription process will close on June 16.  

 

The company will offer 30 million shares, at SAR 10 each to increase capital by SAR 300 million.

 

Last month, the Capital Market Authority (CMA) approved an application from Amana Insurance to increase its capital by way of rights issue.

 

Each registered shareholder will be granted 2.307 rights for every share held. 

 

Capital Increase Highlights

Current capital

SAR 130 mln

Number of shares

13 mln

Capital increase %

231%

Capital after increase

SAR 430 mln

Number of shares after increase

43 mln shares
 

Rights Issue Highlights

Number of shares offered

30 mln

Offer price

SAR 10

Issue size

SAR 300 mln

Eligibility coefficient

Nearly 2.3 right for every share held

Rights trading period

From June 6-13

Subscription to new shares

From June 6-16

Record date

May 29

Rights issue proceeds

Investment

SAR 249.2 mln

Increasing the statutory deposit

SAR 45.0 mln

Offering fees

SAR 5.8 mln
 

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