Edaa deposits Walaa subscribed securities for rights issue

Logo of Walaa Cooperative Insurance Co.

The Securities Depository Center Co. (Edaa) deposited Walaa Cooperative Insurance Co.’s subscribed securities for the rights issue into the accounts of eligible shareholders today, Dec. 25, according to a Tadawul filing.

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Walaa earlier offered 42.5 million shares at SAR 11 each to increase its capital from SAR 850.58 million to SAR 1.27 billion, raising a total of SAR 467.5 million—a 49.97% increase, as reported by Argaam.

The subscription coverage reached 90.51% of the total offered shares, with 38.47 million of the 42.5 million new shares subscribed at a value of SAR 423.16 million. Meanwhile, the rump offering was oversubscribed by 431%.