Al-Rajhi Company for Cooperative Insurance (Al-Rajhi Takaful) said it approved on Tuesday a 100 percent capital raise from SAR 200 million to SAR 400 million through a rights issue.
The insurer said about SAR 5 million will go towards expenses, while the rest of the proceeds will be utilized to enhance solvency margin and expansion plans, as well as a new land and building for its headquarters.
|
Capital Raise Details |
|
|
SAR 200 mln |
Current Capital |
|
20 mln |
Current number of shares |
|
100 % |
Percentage of the increase |
|
SAR 400 mln |
Resulting capital |
|
20 mln |
Number of new shares |
|
SAR 10 |
Price per share (new) |
|
SAR 200 mln |
Size of issue |
|
March. 10, 2015 |
Record date |
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