Saudi Indian Company for Cooperative Insurance (WAFA) said it approved on Thursday a 105 percent capital raise from SAR 100 million to SAR 205 million through a rights issue.
The insurer is offering 10.5 million shares at SAR 10 per share.
Proceeds will go towards enhancing its solvency margin, legal reserves, and to develop the company’s businesses.
Last November, Saudi Arabia’s market regulator, the Capital Market Authority (CMA) approved WAFA’s request to raise its capital through a rights issue, according to data compiled by Argaam.
|
Capital Raise Details |
|
|
SAR 100 mln |
Current Capital |
|
10 mln |
Current number of shares |
|
105 % |
Percentage of the increase |
|
SAR 205 mln |
Resulting capital |
|
20.5 mln |
Number of new shares |
|
April 8, 2015 |
Record date |
|
Rights issue details |
|
|
10.5 mln |
Number of right shares |
|
SAR 10 |
Issuance price per share |
|
SAR 105 mln |
Size of issue |
|
April 8, 2015 |
Record date |
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