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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Saudi Enaya gets CMA approval on capital increase via SAR 130 mln rights issue

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