The extraordinary general assembly of Al-Ahlia for Cooperative insurance Company approved a capital raise of SAR 220m through a rights issue in its meeting held July 1, 2014.

The capital raise is to take place through the issuance of 22m shares, 2.2 shares for each one outstanding share. The GA determined the issuance price per share at SAR 10.

The company said in its filing to Tadawul today that the capital raise is intended to maintain the solvency margin and support the company’s activities.

Key information of the capital increase

SAR 100m

Current capital

10m shares

Number of shares

220%

Capital raise (%)

SAR 320m

New capital

Key information of the rights issue

22m shares

No. of shares issued

SAR 10 per share

Issuance price

SAR 220m

IPO size

July 1st, 2014

Record date

Not determined yet

IPO date 

  Not determined yet

Not determined yet

Additional shares’ price

Not determined yet

Allocation date
 

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