Alinma Tokio’s rights issue 92.8% subscribed; SAR 232 mln raised

Alinma Tokio Marine’s rights issue, which ended on August 20, was 92.8 percent subscribed as investors bought 23.2 million new shares worth SAR 232 million, the company said in a statement on Tadawul.

During the first round, investors subscribed to 19.42 million shares raising SAR 194.2 million with a coverage ratio of 77.7 percent. The second phase was 15.1 percent subscribed after investors purchased 3.78 million shares for SAR 37.8 million, the insurer added. 

Remaining shares and fractional shares will be offered on Sunday, August 30, at 10 a.m. until 10 a.m. on the following day. Institutional investors who are invited by the right issue’s lead manager can subscribe during this period.

Alinma Tokio Marine is aiming to raise its capital to SAR 450 million from SAR 200 million. A total of 25 million shares were offered at SAR 10 per share to registered shareholders.

Alinma Tokio Marine’s

" Alinma Tokio Marine’s IPO "