United Cooperative Assurance Company’s board approved on Wednesday a capital raise from SAR 280 million to SAR 490 million through a rights issue.

 

The company expects to spend SAR 5.3 million on the offering’s expenses, and will use proceeds to boost its solvency margin and fund expansion plans. 

 

Capital Raise Details

SAR 280 mln

Current capital

28 mln shares

Number of shares

75%

Capital raise percentage

SAR 490 mln

New capital

49 mln shares

Number of Shares after raise
 

Rights Issue Details

21 mln

Number of new shares

SAR 10

Price per share (new)

SAR 210 mln

Size of issue

Feb. 18

Record date

Feb. 24 until March 10, 2015

Subscription period

Feb. 24 until March 3, 2015. Only for eligible shareholders

First IPO stage

From March 8 to 10. Allows shareholders to trade priority subscriptions

Second IPO stage

Other details

Alistithmar Capital

Lead manager and lead underwriter

BMG Capital Group

Financial advisor

 SAMBA, NCB, RIBL, SIBC

Receiving Banks
 

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