Logo of Arabia Insurance Cooperative Co.

Arabia Insurance Cooperative Co. shareholders will vote on a capital increase through a SAR 265 million rights offering, during the extraordinary general meeting (EGM) scheduled for Nov. 20, according to a statement to Tadawul. 

 

Capital Hike Highlights

Current Capital

SAR 265 mln

Number of Shares

26.5 mln

Capital Hike (%)

100%

Capital after Increase

SAR 530 mln

Number of Shares after Increase

53 mln
 

Rights Issue Highlights

Number of shares

26.5 mln

Offering price per share

SAR 10

Issue size

SAR 265 mln

Eligibility ratio

Each shareholder shall be granted one right for every share held

Record date

Nov. 20, 2022 (Shareholders of record by the close of the second trading day following the EGM date)

Use of proceeds

Financial investments (SAR 223.5 mln)

Statutory deposit increase (SAR 26.5 mln)

Offering costs (SAR 15 mln)
 

Other agenda items include voting on the company’s losses, termination, eligibility for profit, capital reduction, etc., the company concluded.

 

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