Saudi United Cooperative Insurance Company (Walaa) has appointed Aljazira Capital as financial adviser and underwriter for its upcoming rights issue, the brokerage firm said in a statement.
 
The offering will begin this Tuesday and end on May 14. Shareholders of record are entitled to buy new shares as per the rights deposited in their portfolios following the company’s general meeting. Rights can also be traded by shareholders or investors during this stage.
 
The Saudi insurer is expected to increase its capital from SAR 200 million to SAR 400 million through issuing new shares, the statement added.
 
The second phase of the offering will run from May 17 until May 19.
 
Last April, Argaam reported on Walaa’s approval of a SAR 240 million rights issue through the offering of 20 million shares priced at SAR 12 each.
 
IPO

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