Saudi Indian Co. for Cooperative Insurance (Wafa Insurance) launched today its rights issue, which will continue until April 23.
The insurer will offer 10.5 million shares at SAR 10 each to increase capital from SAR 100 million to SAR 205 million.
Shareholders of record on the general meeting date, April 8, are entitled to subscribe to the new shares as per the rights deposited in their portfolios after the general meeting date.
Each shareholder with one share will have the right to subscribe to 1.05 new shares.
Rights can also be traded by shareholders or investors during this stage.
|
Price Limits |
|
|
SAR 22.12 |
Closing price per share |
|
± 10% |
Share’s price deviation percentage |
|
± SAR 2.20 (24.30-20.10) |
Daily price limit per share |
|
SAR 10 |
Offering price |
|
SAR 12.12 |
Indicated value at closing |
The rights issue proceeds will help boosting the company’s financial solvency and regular reserve, in addition to developing business projects.
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Capital Increase Details |
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SAR 100 mln |
Current capital |
|
10 mln |
Current shares |
|
105% |
Percentage of increase |
|
SAR 205 mln |
Resulting capital |
|
The Rights Issue |
|
|
10.5 mln |
Number of new shares |
|
SAR 10 |
Price per share (new) |
|
SAR 105 mln |
Size of issue |
|
April 8, 2015 |
Record date |
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Other Details |
|
|
Falcom |
Financial advisor, lead manager and lead underwriter |
|
Falcom-SAMBA-Al-Rajhi-RIBL-SABB |
Receiving banks |
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