AXA Cooperative Insurance Company launched on Tuesday the first stage of its rights issue to raise its capital from SAR 200 million to SAR 450 million.
The company is offering 25 million shares during the first stage at SAR 10 per share for shareholders that were listed on the company’s registry by Feb. 10.
The first stage, which is set to last until Feb. 26, allows shareholders to trade their priority subscriptions.
The insurer said it plans to use proceeds to enhance its solvency margin and support the growth of the company’s future activities.
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AXA Price Limits |
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SAR 24.76 |
Closing price per share |
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± 10% |
Share’s price deviation percentage |
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± SAR 2.45 (27.20-22.25) |
Daily price limit per share |
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-- |
Right closing price |
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SAR 10 |
IPO price |
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SAR 14.76 |
Indicated right value at closing |
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Capital Raise Details |
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SAR 200 mln |
Current Capital |
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20 mln |
Current number of shares |
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125% |
Percentage of the increase |
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SAR 450 mln |
Resulting capital |
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45 mln |
Number of shares after increase |
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Rights Issue Details |
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25 mln |
Number of shares |
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SAR 10 |
Price per share |
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SAR 250 mln |
Size of issue |
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February 10, 2015 |
Record date |
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1.25 right of every one share (125%) |
Subscription right portion |
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Other details |
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Saudi Fransi Capital |
Lead manager, lead underwriter, and financial advisor |
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SAMBA, NCB, RIBL, Saudi Fransi, Arab National |
Receiving Banks |
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