AXA ​Insurance ​wraps up second stage of rights issue

AXA Cooperative Insurance Company wrapped up the second stage of its rights issue on Tuesday, which was open to all of its rights holders.

The Saudi-based insurer said it will announce detailed results of the issue within the next few days.

Saudi Fransi Capital, the lead manager and financial advisor of the offering, will now invite investment firms to subscribe to remaining rights that weren't exercised within the first and second stages.

Shares will then be allocated based on offers submitted by the institutions; priority will be given to the highest offers, and pro-rata basis will be applied to equal offers.

Fractional shares will be added to remaining shares during the upcoming stage, which starts onMarch 8 and continues to the following day, AXA said.