Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) said that the subscription to new shares and rights trading will start on June 22, 2020.
Rights trading will end on June 29, while the subscription to new shares will close on July 2, the company said in a bourse statement on Thursday.
Rights holders are entitled to subscribe to the new shares wholly or partially on a pro rata basis. Remaining shares will be reoffered to institutional investors.
In case of under subscription, the lead manager and underwriter, ANB Invest, will subscribe to these rights.
On June 16, Allianz SF shareholders approved the board of directors’ recommendation to increase the company’s capital from SAR 200 million to SAR 600 million through a rights issue, Argaam reported.
|
Key Figures of the Capital Hike |
|
|
Current capital |
SAR 200 mln |
|
Number of shares |
20 mln shares |
|
Hike (%) |
200% |
|
New capital |
SAR 600 mln |
|
New shares |
60 mln shares |
|
Rights Issue Details |
|
|
Number of rights issue shares |
40.0 mln shares |
|
Issue price |
SAR 10/share |
|
Issue size |
SAR 400 mln |
|
Record date |
(June 16, shareholders of record on June 18) |
|
Rights coefficient |
Each shareholder is entitled to 2 rights for every share held |
|
Start of right issue trading and subscription period |
June 22 |
|
End of rights issue trading |
June 29 |
|
End of trading new shares subscription period |
July 2 |
|
Use of Proceeds |
To support business expansions, while maintaining the solvency margin required by SAMA. Proceeds will also go towards financing the increase in the statutory deposit required by SAMA. |
|
Additional Information |
|
|
Financial advisor, Lead manager and Underwriter |
ANB Invest |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}