Wafa Insurance starts first phase of rights issue

Saudi Indian Co. for Cooperative Insurance (Wafa Insurance) launched today its rights issue, which will continue until April 23.

The insurer will offer 10.5 million shares at SAR 10 each to increase capital from SAR 100 million to SAR 205 million.

Shareholders of record on the general meeting date, April 8, are entitled to subscribe to the new shares as per the rights deposited in their portfolios after the general meeting date.

Each shareholder with one share will have the right to subscribe to 1.05 new shares.

Rights can also be traded by shareholders or investors during this stage.

Price Limits
SAR 22.12	Closing price per share
± 10%	Share’s price deviation percentage
± SAR 2.20 (24.30-20.10)	Daily price limit per share
SAR 10	Offering price
SAR 12.12	Indicated value at closing

The rights issue proceeds will help boosting the company’s financial solvency and regular reserve, in addition to developing business projects.

Capital Increase Details
SAR 100 mln	Current capital
10 mln	Current shares
105%	Percentage of increase
SAR 205 mln	Resulting capital
The Rights Issue
10.5 mln	Number of new shares
SAR 10	Price per share (new)
SAR 105 mln	Size of issue
April 8, 2015	Record date
Other Details
Falcom	Financial advisor, lead manager and lead underwriter
Falcom-SAMBA-Al-Rajhi-RIBL-SABB	Receiving banks

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Most Read

Popular Links

Quick Links

About Us

Join Us

Follow Us