Logo of Amana Cooperative Insurance Co.

Amana Cooperative Insurance Co. announced today, June 19, the results of its rights issue trading and new shares subscription, as well as details of the rump offering, as follows:

 

Offering Details

Number of Offered Shares

30 mln 

Number of Subscribed Shares

21.57 mln

Value of Subscribed Shares

SAR 215.73 mln

Coverage Ratio (%)

71.91%

Number of Rump Shares

8.43 mln

Date of Offering Rump Shares

June 21-22, 2022
 

In a statement to Tadawul, Amana Insurance said rump shares will be offered to a number of institutional investors from the highest to lowest bid (as long as the bid is not less than that offering price).  

 

Shares will be allocated pro rata to the institutional investors submitting the same offer.   

 

In the event that some rump shares are left unsubscribed, the remainder will be allocated to the underwriter that will buy them at the offering price, the company added.

 

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