Gulf General Cooperative Insurance Co.’s subscription period for new shares ends today, July 15.
Subscription to new shares began on July 5, to increase capital from SAR 200 million to SAR 500 million.
The company offered 30 million shares at SAR 10 per share, granting each registered shareholder at the record date nearly 1.5 rights for each share held.
The rights trading period ended on July 12.
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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, headquarters and electronic systems |
SAR 1.5 mln |
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