Alinma Tokio Marine Company (ATMC) will launch on Tuesday, Aug. 11 the first stage of its rights issue, which will continue till Thursday, Aug. 20, the company said in a statement.

 

The process aims to raise the insurer’s capital from SAR 200 million to SAR 450 million.

 

During the first stage, only registered shareholders are allowed to subscribe based on the number of rights deposited in their portfolios. The second stage will be held from Sunday, Aug. 23 to Tuesday, Aug. 25; rights are not tradeable during this stage.

 

ATMC will dedicate SAR 4 million for fees, while the rest of the proceeds will be used to boost its solvency margin and finance future expansions.  

 

Alinma Tokio Marine – Capital Raise Details

SAR 200 mln

Current capital

20 mln shares

Number of shares

125%

Capital raise (%)

SAR 450 mln

New capital

Rights Issue Details

25 mln shares

Number of right shares

SAR 10 per share

IPO price per share

SAR 250 mln

Size of issue

August 4, 2015

Record date

Additional Information

Saudi Kuwait Finance House

Financial advisor

Alinma Investment

Lead manager

Saudi Kuwait Finance House,  Alinma Investment

Lead Underwriter

Alinma, RIBL, Samba

Receiving Banks

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