Logo of Salama Cooperative Insurance Co.
Salama Cooperative Insurance Co. announced today, Dec. 30, the results of the rights issue trading and new shares subscription, as well as the details of the rump offering, as follows:
|
Offering Details |
|
|
Number of Offered Shares |
10 mln |
|
Number of Subscribed Shares |
8.67 mln |
|
Value of Subscribed Shares |
SAR 86.86 mln |
|
Coverage Ratio (%) |
86.86% |
|
Number of Rump Shares |
1.31 mln |
|
Date of Rump Offering |
Jan. 1-2, 2025 |
Moreover, they will be allocated to institutional investors of the highest to lowest bid (provided they are not less than the offer price). The shares will be allocated proportionately to institutional investors who make the same offer.
If institutional investors have not subscribed to all the rump shares, they will be allocated to the underwriter, Albilad Investment, which will buy them at the offering price.
According to data compiled by Argaam, Salama offered 10 million ordinary shares at SAR 10 apiece, through a right issue worth SAR 100 million.
The subscription period started on Dec. 17 to increase the company’s capital by 50% from SAR 200 million to SAR 300 million.
The capital hike seeks to support the insurer’s plans, enhance financial solvency margin, boost statutory reserve, and fulfill the requirements of minimum capital.
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