The subscription to Allianz Saudi Fransi Cooperative Insurance Co.’s new shares closes today, Thursday, July 2.
The insurer started subscription to new shares and rights trading on June 22, to raise its capital from SAR 200 million to SAR 600 million.
Allianz SF offered 40 million rights shares, at SAR 10 each, totaling SAR 400 million.
Rights trading closed on June 29.
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Key Figures of the Capital Hike |
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Current capital |
SAR 200 mln |
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Number of shares |
20 mln shares |
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Hike (%) |
200% |
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New capital |
SAR 600 mln |
|
New shares |
60 mln shares |
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Rights Issue Details |
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Number of rights issue shares |
40.0 mln shares |
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Issue price |
SAR 10/share |
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Issue size |
SAR 400 mln |
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Record date |
(June 16, shareholders of record on June 18) |
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Rights coefficient |
Each shareholder is entitled to 2 rights for every share held |
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Start of right issue trading and subscription period |
June 22 |
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End of rights issue trading |
June 29 |
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End of trading new shares subscription period |
July 2 |
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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. |
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Additional Information |
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Financial advisor, Lead manager and Underwriter |
ANB Invest |
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