AXA Insurance rights issue 98.4% subscribed by end of second stage

AXA Cooperative Insurance said that 23.71 million shares were subscribed at a value of SAR 237.05 million during the first and second stages of its rights issue, ending at a coverage ratio of 98.4 percent.

With each stage broken down, investors subscribed to 19.72 million shares during the first phase at a total value of SAR 197.23 million and a subscription ratio of 78.89 percent. The second stage was 15.93 percent subscribed after investors subscribed to 3.98 million shares for a total value of SAR 39.83 million, the company said in a filing to Saudi Arabia’s bourse.

Saudi Fransi Capital, the lead manager and financial advisor of the offering, will now invite investment firms to subscribe to remaining rights.

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

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