Saudi Enaya issues prospectus to raise capital via SAR 130 mln rights issue

Enaya issues capital hike prospectus

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co. issued today, Nov. 2, its prospectus for a capital increase through a SAR 130 million rights issue.

The insurer plans to increase its capital by 130%, from SAR 100 million to SAR 230 million, by floating 13 million shares on the Saudi Exchange (Tadawul), at SAR 10 per share.

It aims to use proceeds of the rights issue to support its future plans and enhance the solvency margin.

According to data compiled by Argaam, the Capital Market Authority (CMA) approved on Nov. 1, Saudi Enaya’s request to increase its capital through a SAR 130 million rights issue.

Key Highlights of Capital Increase
Current Capital	SAR 100 mln
Number of Shares	10 mln
Percentage of Increase	130% of pre-hike capital
New Capital	SAR 230 mln
New Number of Shares	23 mln

Key Highlights of Rights Issue
Number of Offered Shares	13 mln
Offering Price	SAR 10/share
Offering Size	SAR 130 mln
Eligibility Ratio	Nearly 1.3 rights for every share
Record Date	Shareholders of record and those registered with Edaa on the second trading day following the extraordinary general meeting (EGM) date
Proceeds	Bank deposits	SAR 53.8 mln
	Investment funds	SAR 26.9 mln
	Bonds and sukuk	SAR 26.9 mln
	Statutory deposit	SAR 12.0 mln
	Offering cost	SAR 10.4 mln
	Total	SAR 130 mln

For More IPOs

Prospectus

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