Logo of Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co.’s shareholders approved increasing capital via a SAR 160 million rights issue during the extraordinary general meeting (EGM) on June 26, according to a statement to Tadawul.
|
Capital Increase Details |
|
|
Current Capital |
SAR 140 mln |
|
Current Number of Shares |
14 mln |
|
New Capital |
SAR 300 mln |
|
New No. of Shares |
30 mln |
|
Increase Percentage |
114.29% |
|
Rights Issue Details |
||
|
Offered Shares |
16 mln |
|
|
Offer Price |
SAR 10 |
|
|
Issue Size |
SAR 160 mln |
|
|
Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 1.1429 rights per share held |
|
|
Offering Proceeds (SAR mln) |
Increase statutory deposit |
9 |
|
Invest in debt instruments |
50 |
|
|
Increase bank deposits |
79 |
|
|
Replace insurance/financial operations technical system |
15 |
|
|
Estimated offering expenses |
7 |
|
|
Total |
160 |
|
|
Additional Information |
|
|
Financial Advisor and Underwriter |
Albilad Capital |
Shareholders also approved the board’s recommendation to withhold dividends for 2023.
The Saudi Exchange (Tadawul) announced that fluctuation limits will be based on a share price of SAR 18.26 and the outstanding orders will be canceled. Edaa will deposit the shares into investor portfolios by Monday, July 1.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}