Arabia Insurance issues prospectus for rights issue

24/05/2022 Argaam
Logo ofArabia Insurance Cooperative Co. (AICC)

Logo of Arabia Insurance Cooperative Co. (AICC)


Arabia Insurance Cooperative Co. (AICC) issued its prospectus for capital increase through offering 26.5 million rights issue shares worth SAR 265 million, at SAR 10 each.

 

The insurer’s capital after increase will reach SAR 530 million.

 

The company aims to use the funds to expand its activities.

 

The Capital Market Authority (CMA) approved, on May 23, AICC's application to raise its capital through a SAR 265 million rights issue.

 

Capital Hike Highlights

Current capital

SAR 265 mln

Number of shares

26.5 mln

Capital hike (%)

100%

Capital after increase

SAR 530 mln

Number of shares after increase

53 mln

 

Rights Issue Details

Number of rights shares

26.5 mln

Offering price per share

SAR 10

Size of issue

SAR 265 mln

Eligibility Ratio

Each listed shareholder shall have the right to subscribe to one share per each owned share

Record date

Shareholders of record by the close of trading on the extraordinary general meeting (EGM) date and registered shareholders at the end of  the second trading date following the EGM date

Use of proceeds

Financial Investments

SAR 233.5 mln

Increase in statutory deposit

SAR 26.5 mln

Offering cost

SAR 5 mln

 

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