Amana Cooperative Insurance Co.’s rights trading period will end today, Feb. 11, the insurer said in a bourse statement.

  

The subscription period will run until Thursday, Feb. 14.

 

Amana offered 10 million shares at SAR 10 each to raise its capital to SAR 240 million from SAR 140 million.

 

Rights holders are entitled to fully or partially subscribe to new shares pro rata, the statement added.

 

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.

 

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

Jan. 28, 2019

Rights issue offering period

Feb. 4-11,2019

Rights issue subscription period

Feb. 4-14,2019

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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