Al-Rajhi Takaful says rights issue 94.23% covered

02/04/2015 Argaam

Al-Rajhi Company for Cooperative Insurance (Al-Rajhi Takaful) said on Thursday that its SAR 200 mln rights issue has been 94.23 percent covered. 

 

The insurer received bids worth SAR 188.47 million from investors for the 18.85 million-share sale.

 

Shortfall shares will be offered to institutional investors on April 5 and 6. 

Al-Rajhi Takaful said investors have taken up 15.37 million shares in the initial round of the offering at a total of SAR 153.68 million. This stage was 76.84 percent covered. 

 

In the second stage, 3.48 million shares were sold for SAR 34.79 million, with a coverage rate reaching 17.39 percent. 

 

The rights issue was aimed at doubling the insurer’s capital to SAR 400 million from SAR 200 million, according to data available on Argaam. 

 

The offering is lead-managed by Saudi Hollandi Capital with Aldukheil Financial Group (AFG) as adviser and Al-Rajhi Capital as underwriter.

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