Gulf General Cooperative Insurance Co. said the rights issue remaining shares were 425.9% oversubscribed, according to a bourse filing.

 

Gulf General’s rights issue was 72.39% subscribed, as subscribers injected SAR 217.16 million in 21.72 million shares.

 

The subscription period started on July 5, to increase capital from SAR 200 million to SAR 500 million, Argaam reported.

 

Rights Issue Details

Number of rights issue shares

30 mln shares

Number of remaining shares

8.28 mln

Date of remaining shares offering

July 27 – July 28, 2021

Number of subscribed shares

21.72 mln

Coverage ratio

425.9%

Total proceeds

SAR 140.60 mln

Average price

SAR 16.97 per share

Net sale fractions

SAR 57.76 mln

Date of depositing shares in eligible accounts

Aug. 5, 2021

 

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