Saudi Arabian Cooperative Insurance Company’s (SAICO) extraordinary general assembly approved on Sunday a capital raise from SAR 100 million to SAR 250 million through rights issue.
SAICO will use SAR 6 million as issuance fees to maintain sufficient solvency margin.
The insurer said the first stage of the offering will open to registered shareholders on June 9 and will continue to June 18. The second phase will start from June 21 and will continue to June 23.
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Capital Raise Details |
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SAR 100 mln |
Current capital |
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10 mln shares |
Number of shares |
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150% |
Capital raise percentage |
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SAR 250 mln |
New capital |
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25 mln shares |
Number of Shares after raise |
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Rights Issue Details |
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15 mln shares |
Number of right shares |
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SAR 10 per share |
IPO price per share |
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SAR 150 mln |
Size of issue |
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May 31, 2015 |
Record date |
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Additional Information |
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Saudi Hollandi Capital |
Financial advisor , lead underwriter, and lead manager |
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Saudi Hollandi, NCB, RIBL, Saudi Fransi, BJAZ |
Receiving Banks |
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