Salama’s rights trading ends today

24/12/2024 Argaam Special
Logo ofSalama Cooperative Insurance Co.

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co.’s rights trading and subscription period ends today, Dec. 24. The rights issue sought to increase the company’s capital from SAR 200 million to SAR 300 million.
Subscription and rights trading started on Dec. 17. Subscription to new shares will close on Dec. 29.
 

Right holders may subscribe, in whole or in part, to the new shares in proportion to the rights existing in their portfolios.

 

Capital Increase Details

Current Capital

SAR 200 mln

Current Number of Shares

20 mln

Capital Increase (%)

50%

Post-Capital Increase

SAR 300 mln

New Number of Shares

30 mln
 

Rights Issue Details

Offered Shares

10 mln

Offer Price

SAR 10

Issue Size

SAR 100 mln

Eligibility Ratio

Each shareholder will be granted one right for every two shares held

Record Date

Dec. 11, 2024 (Shareholders registered with Edaa by the close of trading on the second day following the general meeting date)

Trading Period

Dec. 17-24

Subscription Period

Dec. 17-29

Reason

Support the insurer’s future plans, enhance financial solvency margin, boost statutory reserve, and fulfill the requirements of capital

Rights Issue Proceeds

Banks Deposits

SAR 87.5 mln

Deposit Increase

SAR 7.5 mln

Offering Fees

SAR 5 mln
 

Additional Information

Financial Advisor, Lead Manager & Underwriter

Alawwal Capital

Co-Underwriter

Al-Nefaie Investment

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