Logo of Amana Cooperative Insurance Co.
Amana Cooperative Insurance Co. announced today, June 26, that its rump offering was 122.99% oversubscribed.
By the end of the rump offering period, 8.43 million unsubscribed shares were sold at SAR 10.24 each, totaling SAR 86.25 million, according to a bourse filing.
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Offering Details |
|
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Number of Shares Sold |
8.43 mln |
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Total Proceeds from Selling Rump Shares |
SAR 86.25 mln |
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Coverage Ratio |
123% |
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Average Share Price |
SAR 10.24/share |
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Net Compensation for Rights Issue & Fraction Shares |
SAR 1.99 mln |
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Date of Depositing Shares into Shareholders' Accounts |
June 30, 2022 |
The company offered 30 million rights issue shares at SAR 10 each, to increase its capital by SAR 300 million. The offering was 71.91% subscribed as investors sold 21.57 million shares, according to data compiled by Argaam.
The company offered the rump shares to a number of institutional investors, who submitted purchase offers for such shares.
The shares will be allocated to institutional investors from the highest offer to the lowest (provided that it is not less than the offer price), with shares being allocated on a proportional basis among those institutional investors that have tendered offers at the same price.
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