Logo of Salama Cooperative Insurance Co.
Salama Cooperative Insurance Co. issued a prospectus to increase capital through a SAR 100 million rights offering.
The company will offer 10 million shares at SAR 10 each, to double its capital to SAR 200 million.
Last week, the Capital Market Authority (CMA) approved Salama’s application to raise its capital through a rights issue.
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Capital Hike Highlights |
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Current Capital |
SAR 100 mln |
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Number of Shares |
10 mln |
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Percentage Increase |
100% |
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New Capital |
SAR 200 mln |
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Number of Shares |
20 mln |
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Rights Issue Highlights |
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Offered shares |
10 mln |
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Offer price |
SAR 10 |
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Size of issue |
SAR 100 mln |
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Eligibility ratio |
One right for every share held |
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Record date |
Shareholders of record by the close of trading on the general assembly date (Aug. 27) |
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Rights offering proceeds |
Bank deposits |
SAR 58.7 mln |
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Bonds and sukuk |
SAR 30 mln |
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Offering costs |
SAR 11.3 mln |
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Total |
SAR 100 mln |
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Additional Information |
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Financial Advisor, Lead Manager and Underwriter |
Alawwal Capital |
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