Buruj for Cooperative Insurance Company (Buruj) issued a prospectus on Monday for its SAR 120 million capital raise through a rights issue.
The company will raise its capital from SAR 130 million to SAR 250 million by issuing 12 million shares at SAR 10 per share.
Eligibility will be given to registered shareholders on the general assembly meeting day, according to the prospectus.
Saudi Arabia’s Capital Market Authority (CMA) approved in November the company’s request to raise its capital by SAR 120 million through a rights issue, according to data compiled by Argaam.
Buruj has invited its shareholders to attend its extraordinary general assembly meeting on Jan. 20, 2015 to discuss the matter.
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Capital Raise Details |
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SAR 130 mln |
Current capital |
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13 mln shares |
Number of shares |
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92.3% |
Capital raise percentage |
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SAR 250 mln |
New capital |
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Rights Issue Details |
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12 mln shares |
Number of right shares |
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SAR 10 |
Issuance price per share |
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SAR 120 mln |
Issuance value |
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January 20, 2015 |
Record date |
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SAR 5 mln issuance fees |
Use of proceeds |
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Maintain required solvency margin |
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Additional Information |
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Falcom |
Financial advisor, lead manager and lead underwriter |
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Falcom- NCB- RIBL- Saudi Fransi- SAMBA |
Receiving Banks |
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