Amana Cooperative insurance Co. has set the share price of its capital hike at SAR 10 per share, the prospectus said.

 

The insurer aims to increase capital to SAR 240 million from SAR 140 million through offering 10 million shares of rights issue.

 

Shareholders of record on the second trading day after the general assembly meeting date are entitled to this increase.

 

According to data compiled by Argaam, the Capital Market Authority (CMA) approved in November the increase of capital by SAR 100 million through rights issue.

 

The extraordinary general assembly is set to be held on Dec. 25 to discuss the capital hike.

 

Key Figures of the Capital Hike

Current Capital

SAR 140 mln

Number of shares

14 mln shares

Hike (%)

71.4%

New Capital

SAR 240 mln

Rights Issue Details

Number of rights issue shares

SAR 10 mln

Issue price

SAR 10/ share

Issue size

SAR 100 mln

Record date

General assembly meeting

Rights issue offering period

Dec. 31, 2018 to Jan. 7 ,2019

Rights issue subscription period

Dec. 31, 2018 to Jan. 10, 2019

Use of Proceeds

To support the company’s financial position through raising required solvency margin, finance SAMA required increase in the statutory deposit, support business development and future growth.

Additional Information

Financial advisor Underwriter, lead manager

NCBC

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