AXA Insurance announces the prospectus of its SAR 250m rights issue IPO

AXA Cooperative insurance announced the prospectus of its SAR 250m capital raise through a rights issue at SAR 10 per share.

The rights will be issued to registered shareholders at the extraordinary general assembly’s day; the company indicated in the prospectus.

It added that 1.25 rights for each outstanding share will be deposited into investors’ portfolios within two days from the record date.

According to data compiled by Argaam; AXA insurance announced in November receiving the CMA’s approval for a capital raise of SAR 250m through a rights issue.

The company invited the extraordinary GA to be held on February 10^th, 2015 to mull the capital raise.

Capital raise details
SAR 200 mn		Current capital
20 mn shares		Number of shares
125%		Capital raise (%)
SAR 450 mn		New capital
Rights issue details
25 mn shares		Number of right shares
SAR 10 per share		IPO price per share
SAR 250 mn		IPO value
February 10, 2015		Record date
-SAR 10 mn issuance fees. -maintain sufficient solvency margin and legal reserve to support future growth plans. -Develop company’s current operations. -SAR 50 mn allocated for financing part of insurance portfolio deal.		IPO proceeds use
Additional Information
Saudi Fransi Capital	Financial advisor and lead manager
Saudi Fransi Capital	Lead underwriter
NCB, Arab National, Saudi Fransi, RIBL, SAMBA	Receiving Banks

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