Logo of Walaa Cooperative Insurance Co.
The subscription period started on Dec. 2 to increase the company’s capital by 49.97% from SAR 850.58 billion to SAR 1.27 billion.
Walaa offered 42.5 million ordinary shares at SAR 11 apiece, through a right issue worth SAR 467.5 billion.
The rights trading period ended on Dec. 9.
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Capital Hike Details |
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Current Capital |
SAR 850.58 mln |
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Current Number of Shares |
85.06 mln |
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New Capital |
SAR 1.27 bln |
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Number of Shares after Increase |
127.55 mln |
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Capital Increase (%) |
49.97% |
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Rights Issue Details |
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Offered Shares |
42.5 mln |
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Offer Price |
SAR 11 |
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Issue Size |
SAR 467.5 mln |
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Eligibility Ratio |
Each listed shareholder shall have the right to subscribe to 0.4997 share for each existing share |
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Record Date |
Nov. 26, 2024 (Shareholders of record who are registered with Edaa by the end of the second trading day following the EGM) |
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Trading Period |
From Dec. 2 until Dec. 9, 2024 |
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Subscription Period |
From Dec. 2 until Dec. 12, 2024 |
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Reason |
Supporting the company’s growth and expansion plans, enhancing the financial solvency margin, and maintaining the credit rating. |
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Proceeds (SAR mln) |
Increasing the statutory deposit as per SAMA's requirements |
42.5 |
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Long-term investments such as bonds and other fixed-income investments, bank deposits, mutual funds, REITs, and investments in private companies |
345.0 |
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Investing in Saudi-listed equities |
70.90 |
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Offering costs |
9.1 |
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Total |
467.5 |
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Financial Advisor, Underwriter & Lead Manager |
AlJazira Capital |
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