Logo of Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co. announced today, July 15, the results of the rights issue trading and new shares subscription, as well as the details of the rump offering, as follows:
|
Offering Details |
|
|
Number of Offered Shares |
16 mln |
|
Number of Subscribed Shares |
14.37 mln |
|
Value of Subscribed Shares |
SAR 143.67 mln |
|
Coverage Ratio (%) |
89.79% |
|
Number of Rump Shares |
1.63 mln |
|
Date of Rump Offering |
July 17-18, 2024 |
Rump shares will be offered at the minimum of the offering price to a number of institutional investors, who shall submit offers to purchase the rump shares, according to a Tadawul statement.
Moreover, they will be allocated to institutional investors of the highest to lowest bids (provided they are not less than the offer price). The shares will be allocated proportionately to institutional investors who make the same offer.
If institutional investors have not subscribed to all the rump shares, they will be allocated to the underwriter, Albilad Investment, which will buy them at the offering price.
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