Logo of Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co. announced the prospectus for its capital increase through a SAR 160 million rights offering.
The capital increase aims to meet minimum requirements, support future plans, and strengthen financial solvency.
The company will use offering proceeds to increase regulatory deposits, invest in debt instruments, increase bank deposits, and replace the technical system for insurance and financial operations.
The company's shareholders will vote on the board’s recommendation to increase capital through a SAR 160 million rights offering, during the extraordinary general meeting (EGM) to be held on June 26.
The Capital Market Authority (CMA) approved last April the request received from the company to increase capital through a rights issue, as per Argaam's data.
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Capital Increase Details |
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Current Capital |
SAR 140 mln |
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Current Number of Shares |
14 mln |
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New Capital |
SAR 300 mln |
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New Number of Shares |
30 mln |
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Percentage Increase |
114.29% |
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Rights Issue Details |
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Offered Shares |
16 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 160 mln |
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Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 1.1429 rights per share held |
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Offering Proceeds (SAR mln) |
Increase regulatory deposit |
9 |
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Invest in debt instruments |
50 |
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Increase bank deposits |
79 |
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Replace insurance/financial operations technical system |
15 |
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Estimated offering expenses |
7 |
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Total |
160 |
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Additional Information |
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Financial Advisor and Underwriter |
Albilad Capital |
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