Salama rump offering 934.3% covered

30/11/2023 Argaam
Logo ofSalama Cooperative Insurance Co.

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co. announced today, Nov. 30, that the rump offering of its rights issue was 934.34% covered, as illustrated in the table below:

 

Subscription Details

Number of shares sold

891,100

Total rump offering proceeds

SAR16.47  mln

Coverage ratio

934.34%

Average price/share sold

SAR18.48  per share

Net compensation for rights issue and fractional shareholders

SAR7.56  mln

Deposit date

Dec. 4, 2023
 

Salama’s subscription to rights shares ended on Nov. 21, Argaam earlier reported.

 

Rights trading period ran from Nov. 9-16, to increase the company’s capital from SAR 100 million to SAR 200 million through offering 10 million shares at SAR 10 each. 

 

The rights issue was 91.09% covered, whereas 9.11 million shares out of the total 10 million new offered shares were subscribed, at a value of SAR 91.09 million.

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