Buruj for Cooperative Insurance Company (Buruj) issued a prospectus on Monday for its SAR 120 million capital raise through a rights issue.
 

The company will raise its capital from SAR 130 million to SAR 250 million by issuing 12 million shares at SAR 10 per share.


Eligibility will be given to registered shareholders on the general assembly meeting day, according to the prospectus.


Saudi Arabia’s Capital Market Authority (CMA) approved in November the company’s request to raise its capital by SAR 120 million through a rights issue, according to data compiled by Argaam.


Buruj has invited its shareholders to attend its extraordinary general assembly meeting on Jan. 20, 2015 to discuss the matter.

 

Capital Raise Details

SAR 130 mln

Current capital

13 mln shares

Number of shares

92.3%

Capital raise percentage

SAR 250 mln

New capital
 

 

Rights Issue Details

12 mln shares

Number of right shares

SAR 10

Issuance price per share

SAR 120 mln

Issuance value

January 20, 2015

Record date

SAR 5 mln issuance fees

Use of proceeds

Maintain required solvency margin
 

 

Additional Information

Falcom

Financial advisor, lead manager and lead underwriter

Falcom- NCB- RIBL- Saudi Fransi- SAMBA

Receiving Banks
 

 

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