Al Sagr’s rights issue, subscription to new shares to begin on July 2

30/06/2024 Argaam

Al Sagr’s rights issue, subscription to new shares to begin on July 2

Logo of Al Sagr Cooperative Insurance Co. 

Al Sagr Cooperative Insurance Co. set the period of its rights issue trading and subscription to the new shares, according to a statement to Tadawul today, June 30.
Both will start on July 2. However, the rights issue trading will end on July 9, while the subscription period will expire on July 14.
 
 
Right-holders may exercise their subscription right, in whole or in part, to the new shares in proportion to the rights existing in their portfolios. For registered shareholders and new investors, rights trading and new shares subscription will be as per the prospectus.
 
Rump shares and fractional shares will be offered to institutional investors, in accordance with the details set in the prospectus. Albilad Capital will underwrite the new shares that remain unsubscribed after the rump offering.
 

Rights Issue Details

Offered Shares

16 mln

Offer Price

SAR 10

Issue Size

SAR 160 mln

Eligibility Ratio

Each registered 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

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