Logo of Walaa Cooperative Insurance Co.
Walaa Cooperative Insurance Co. announced the prospectus for its capital increase through a SAR 467.5 million rights offering.
The capital hike is aimed to support the company’s business expansion and boost its solvency.
Proceeds from the rights offering will be used to up the company’s statutory deposit, as per the requirements of the Saudi Central Bank (SAMA).
This is in addition to securing long-term investments such as bonds and other fixed income investments, bank deposits, mutual and real estate funds, and investments in private companies, in addition to investing in Saudi-listed equities.
The Capital Market Authority (CMA) approved last August the request received from the company to increase capital through a rights issue, as per Argaam's data.
|
Capital Hike Details |
|
|
Current Capital |
SAR 850.58 mln |
|
Number of Shares |
85.06 mln |
|
New Capital |
SAR 1.27 bln |
|
Number of Shares after Increase |
127.55 mln |
|
Capital Increase (%) |
49.97% |
|
Rights Issue Details |
||
|
Offered Shares |
42.5 mln |
|
|
Offer Price |
SAR 11 |
|
|
Issue Size |
SAR 467.5 mln |
|
|
Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 0.4997 share per each existing share |
|
|
Proceeds |
Increasing the statutory deposit as per SAMA's requirements |
42.5 |
|
Long-term investments such as bonds and other fixed income investments, bank deposits, mutual and real estate funds, and investments in private companies |
345.0 |
|
|
Investing in Saudi-listed equities |
70.90 |
|
|
Offering costs |
9.1 |
|
|
Total |
467.5 |
|
|
Additional Information |
|
|
Financial Advisor, Underwriter & Lead Manager |
AlJazira Capital |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}