Logo of Gulf General Cooperative Insurance Co.
Gulf General Cooperative Insurance Co. subscription to new shares and rights trading begins today, July 5, to increase capital from SAR 200 million to SAR 500 million.
Rights trading will end on July 12, and subscription to the new shares will close on July 15.
The company intends to offer 30 million shares at SAR 10 per share, granting each registered shareholder at the record date nearly 1.5 rights for each share held.
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Details of Capital Hike |
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Current Capital |
SAR 200 mln |
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Number of Shares |
20 mln |
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Capital Hike |
150% |
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Capital After Increase |
SAR 500 mln |
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Number of Shares After Increase |
50 mln |
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Key Figures in Rights Issue |
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Number of Offered Shares |
30 mln |
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Offering Price |
SAR 10 |
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Issue Size |
SAR 300 mln |
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Rights trading period |
From July 5, to July 12, 2021 |
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Subscription period |
From July 5, to July 15, 2021 |
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Record Date |
June 28, 2021 (Shareholders of record on the day of the EGM, during which the capital increase was discussed, along with those on record on the second trading day following the EGM) |
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Use of proceeds |
Investments and financial deposits |
SAR 262.5 mln |
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Increasing the statutory deposit |
SAR 30 mln |
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Issue expenses |
SAR 6 mln |
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Upgrading the offices of headquarters and electronic systems |
SAR 1.5 mln |
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Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number available in their portfolios. Trading in rights issue and subscription to new shares for registered shareholders and new investors will be as per the prospectus.
In the event that shares remain unsubscribed, the remaining shares and fractional shares, if any, will be offered to institutional investors, according to the prospectus. The financial advisor and the underwriter Falcom Financial Services and the underwriter BLOMINVEST will underwrite the rights issue if the entire subscription is not fully covered.
Investors not willing to subscribe must sell the rights issue during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription.
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