Walaa's rump offering 431% oversubscribed

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co. announced that the rump offering was 431% oversubscribed, according to a statement to Tadawul today, Dec. 22.

The company will receive the aggregate offer price collected from the rump offering, while the proceeds exceeding the offer price, if any, will be distributed to those entitled to them not later than Jan. 2, 2025.

Subscription to the rights issue ended on Dec. 12, according to Argaam's data.

During the subscription period, which began on Dec. 2, the company offered 42.5 million shares at SAR 11 each, totaling SAR 467.5 million, to increase capital by 49.97% from SAR 850.58 million to SAR 1275.58 million.

The subscription coverage reached 90.51 % of the total offered shares, with 38.47 million out of 42.50 million new shares subscribed at a value of SAR 423.16 million.