Al Alamiya Insurance rights issue 842% subscribed, SAR 23.6 mln raised

Saudi Arabia-based Al Alamiya Cooperative Insurance said its 20 million share rights issue ended Monday with SAR 23.6 million raised.

The company offered 433.9 thousand shares to institutional investors at SAR 54.49 per share with 842 percent covered.

Net compensations reached SAR 19.3 million. The newly issued shares will be deposited into the shareholders portfolios on Sunday,the insurer said​.

The first and second phases were 97.83 percent covered as investors subscribed to a total of 19.56 million shares out of 20 million.

The first stage was 77.19 percent covered, as 15.44 million shares were offered.

The second was 20.64 percent covered after the company​

floated​ 4.1 million shares, according to data available on Argaam.