Logo of Salama Cooperative Insurance Co.
Salama Cooperative Insurance Co.’s rights subscription period ends today, Dec. 29.
The subscription period started on Dec. 17 to increase the company’s capital by 50% from SAR 200 million to SAR 300 million.
Salama offered 10 million ordinary shares at SAR 10 apiece, through a right issue worth SAR 100 million.
The rights trading period ended on Dec. 24.
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Capital Increase Details |
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Current capital |
SAR 200 mln |
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Current number of shares |
20 mln |
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Capital increase (%) |
50% |
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Capital after increase |
SAR 300 mln |
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Number of shares after increase |
30 mln |
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Rights Issue Details |
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Offered Shares |
10 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 100 mln |
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Eligibility Ratio |
Each shareholder will be granted one right for every two shares held |
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Record Date |
Dec. 11, 2024 (Shareholders registered with Edaa by the close of trading on the second day following the general meeting date) |
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Trading Period |
Dec. 17-24 |
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Subscription Period |
Dec. 17-29 |
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Reason |
Support the insurer’s future plans, enhance financial solvency margin, boost statutory reserve, and fulfill the requirements of capital |
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Rights Issue Proceeds |
Banks Deposits |
SAR 87.5 mln |
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Deposit Increase |
SAR 7.5 mln |
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Offering Fees |
SAR 5 mln |
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Additional Information |
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Financial Advisor, Lead Manager & Underwriter |
Alawwal Capital |
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Co-Underwriter |
Al-Nefaie Investment |
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