Logo of Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co.’s rights subscription period ends today, July 14.
The subscription period started on July 2, to increase the company’s capital by SAR 160 million. The rights trading period concluded on July 9.
Al Sagr offered 16 million shares at SAR 10 each, totaling SAR 160 million, to increase capital by 114.29%. The post-increase capital will reach SAR 300 million, divided into 30 million shares.
The company will use the offering proceeds to support its operations, enhance solvency margin, and meet the solvency margin requirements set by the Saudi Central Bank on insurance companies operating in Saudi Arabia.
In addition, Al Sagr will increase regulatory deposits, invest in debt instruments, boost bank deposits, and replace the technical system for insurance and financial operations.
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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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No. of Shares |
30 mln |
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Increase Percentage |
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 is entitled to subscribe to 1.1429 rights per share held |
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Offering Proceeds (SAR mln) |
Increase statutory deposit |
9 |
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Invest in debt instruments |
50 |
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Increase bank deposits |
79 |
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Replace technical system of insurance/financial operations |
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, Lead Manager, and Underwriter |
Albilad Capital |
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