Salama Insurance’s rights issue 92% subscribed by second stage

Salama Cooperative Insurance Company said on Thursday that 13.81 million shares were bought at a total value of SAR 138.1 million during the first and second stages of its rights issue, ending 92 percent subscribed.

With each stage broken down, investors subscribed to 4.11 million shares during the first phase at a total value of SAR 41.1 million. The second stage was 65 percent subscribed after investors bought 9.7 million shares for a total value of SAR 97.04 million, the company said in a filing to Saudi Arabia’s bourse.

NCB Capital, the lead manager and financial advisor of the offering, will now invite investment firms to subscribe to remaining rights. Shares will then be allocated based on offers submitted by the institutions and priority will be given to the highest offers. Pro-rata basis will be applied to equal offers.

Remaining shares will be available during the upcoming stage, which starts on August 2 and continues on to the following day.