Logo of Gulf General Cooperative Insurance Co.
Gulf General Cooperative Insurance Co. rights trading period ends today, July 12.
Rights trading started on July 5, to increase the company’s capital from SAR 200 million to SAR 500 million, through a rights issue of 30 million shares at SAR 10 per share.
Rights issue subscription period, which also started on July 5, will end on July 15ز
Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares will be reoffered to institutional investors.
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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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