Logo of Saudi Enaya Cooperative Insurance Co.
Saudi Enaya Cooperative Insurance Co. announced the prospectus for its capital increase through a SAR 150 million rights offering.
The company aims through the capital hike process to adhere to the minimum required capital of insurance companies and to support its future plans and financial solvency margin.
It intends to use the rights issue proceeds in bonds, sukuk, bank deposits and mutual funds, in addition to the statutory deposit, which represents 15% of the increase in paid-in capital.
The Capital Market Authority (CMA) approved last month the request received from the company to increase capital through a rights issue, as per Argaam's data.
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Capital Hike Details |
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Capital |
SAR 230 mln |
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Number of Shares |
23 mln |
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Increase value |
SAR 150 mln |
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New Capital |
SAR 380 mln |
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Number of Shares after Increase |
38 mln |
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Capital increase (%) |
65.2% |
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Share Par Value |
SAR 10 |
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Rights Issue Details |
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Offered shares |
15 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 150 mln |
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Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 0.65217 shares per each owned share. |
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Rights issue proceeds |
Bonds and sukuk |
90.0 |
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Statutory deposit (15% of the increase in paid-in capital) |
22.50 |
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Bank deposits |
14.00 |
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Mutual funds |
10.50 |
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Offering costs |
13.00 |
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Total |
150.00 |
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Additional Information |
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Financial Advisor and Underwriter |
Wasatah Capital |
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Lead Manager |
Musharaka Capital |
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