United Cooperative Assurance Company’s board approved on Wednesday a capital raise from SAR 280 million to SAR 490 million through a rights issue.
The company expects to spend SAR 5.3 million on the offering’s expenses, and will use proceeds to boost its solvency margin and fund expansion plans.
|
Capital Raise Details |
|
|
SAR 280 mln |
Current capital |
|
28 mln shares |
Number of shares |
|
75% |
Capital raise percentage |
|
SAR 490 mln |
New capital |
|
49 mln shares |
Number of Shares after raise |
|
Rights Issue Details |
|
|
21 mln |
Number of new shares |
|
SAR 10 |
Price per share (new) |
|
SAR 210 mln |
Size of issue |
|
Feb. 18 |
Record date |
|
Feb. 24 until March 10, 2015 |
Subscription period |
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Feb. 24 until March 3, 2015. Only for eligible shareholders |
First IPO stage |
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From March 8 to 10. Allows shareholders to trade priority subscriptions |
Second IPO stage |
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Other details |
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Alistithmar Capital |
Lead manager and lead underwriter |
|
BMG Capital Group |
Financial advisor |
|
SAMBA, NCB, RIBL, SIBC |
Receiving Banks |
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