United Cooperative Assurance Company launched on Tuesday its rights issue which is set to continue until March 10.

The first stage will last until March 5, according to data available on Argaam.

The insurer is offering 21 million shares at SAR 10 per share to raise its capital from SAR 280 million to SAR 490 million.

During the first stage, registered shareholders can exercise their right to subscribe to new shares according to the number of rights allocated for their portfolios.

Shareholders and investors can also trade rights during this stage.

United said it plans to use the capital raise to finance future expansions and to maintain its required solvency margin. About SAR 5.3 million of the proceeds will go towards rights issue expenses.

 

United Cooperative Assurance Company Price Limits

SAR 17.07

Closing price per share

± 10%

Share price deviation

± SAR 1.70 (15.35-18.80)

Daily price limit per share

SAR 10

Rights issue price

SAR 7.07

Indicated right value at closing
 

 

Capital Raise Details

SAR 280 mln

Current Capital

28 mln

Current number of shares

75%

Percentage of the increase

SAR 490 mln

New capital

49 mln

Number of shares after increase

Rights Issue Details

21 mln

Number of shares

SAR 10

Price per share

SAR 210 mln

Size of issue

Feb. 18, 2015

Record date

3 rights for every 4 shares (0.75/share)

Rights allowed

Other details

Alistithmar Capital

 Lead manager and lead underwriter

BMG Group

Financial advisor

 SAMBA, NCB, RIBL, Saudi investment

Receiving Banks
 

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