Saudi Arabian Cooperative Insurance Company’s (SAICO) extraordinary general assembly approved on Sunday a capital raise from SAR 100 million to SAR 250 million through rights issue.

 

SAICO will use SAR 6 million as issuance fees to maintain sufficient solvency margin.

 

The insurer said the first stage of the offering will open to registered shareholders on June 9 and will continue to June 18. The second phase will start from June 21 and will continue to June 23.

 

Capital Raise Details

SAR 100 mln

Current capital

10 mln shares

Number of shares

150%

Capital raise percentage

SAR 250 mln

New capital

25 mln shares

Number of Shares after raise
 

Rights Issue Details

15 mln shares

Number of right shares

SAR 10 per share

IPO price per share

SAR 150 mln

Size of issue

May 31, 2015

Record date

Additional Information

Saudi Hollandi Capital

Financial advisor , lead underwriter, and lead manager

Saudi Hollandi, NCB, RIBL, Saudi Fransi, BJAZ

Receiving Banks

 

 

  
 
 

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