Saudi Enaya says rump offering 100% oversubscribed

01/12/2022 Argaam
Logo ofSaudi Enaya Cooperative Insurance Co.

Logo of Saudi Enaya Cooperative Insurance Co.


Saudi Enaya Cooperative Insurance Co. announced that the rump offering was 100% oversubscribed, according to a Tadawul statement today, Dec. 1.

 

A total of 1.12 million shares (22.47%) were covered by institutional investors during the rump offering period.

 

Another 3.86 million shares (77.53%) were covered by the underwriter, Wasatah Capital.

 

The company added that unpurchased shares were allocated to the underwriter. As a result, Wasatah Capital's ownership in Saudi Enaya will become 16.80%.

 

Offering Details

Number of Shares Sold

4.98 mln

Total Proceeds from Selling Rump Shares

SAR 49.87 mln

Coverage Ratio (%)

100%

Average Share Price

SAR 10.01/share

Net Compensation for Rights Issue & Fraction Shareholders

SAR 28,350

Date of Depositing Shares in Shareholders Accounts

Dec. 5, 2022

 

Subscription to the insurer's rights issue shares ended on Nov. 22, with a 61.66% coverage ratio.

 

During the subscription period, which began on Nov. 10, Saudi Enaya offered 13 million shares at SAR 10 each, totaling SAR 130 million. This was to increase capital from SAR 100 million to SAR 230 million.

 

For More IPOs

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.