Arabia Insurance Cooperative Co. (AICC) said the first phase of its SAR 200 million rights issue will ​end on Thursday.

 

A total of 20 million shares were offered priced at SAR 10 each when the process began on April 14. The move is expected to raise the insurer’s capital from SAR 200 million to SAR 400 million.

 

Rights were tradable by shareholders and investors during this round.

 

The second phase is set to be held between April 26 and April 28 for shareholders of record and rights holders. 

 

The insurer will re-offer unsubscribed rights, if any, to institutional investors who will submit their bids as of 10 a.​m​. Saudi time​ on May 3 to 10 a​.​m.on May 4.

 

Share fractions and rump rights shares will be allocated to the highest bidder.

 

Other investors have been directed to sell their rights no later than May 14.

 

IPO

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