Walaa Insurance, which plans to double its capital to SAR 400 million from its current SAR 200 million, will kick off its rights issue today and continue to May 14.
The company plans to offer 20 million shares at SAR 12 each, with SAR 10 nominal value and SAR 2 as premium.
During this stage, shareholders and the public can trade under the rights of Saudi United Cooperative Insurance (Walaa).
The rights issue is part of the company’s plan to maintain its solvency margin.
|
Capital Increase Details |
|
|
SAR 200 mln |
Current capital |
|
20 mln |
Current shares |
|
100% |
Percentage of increase |
|
SAR 400 mln |
Resulting capital |
|
The Rights Issue |
|
|
20 mln |
Number of new shares |
|
SAR 12 |
Price per share (new) |
|
SAR 240 mln |
Size of issue |
|
April 27, 2015 |
Record date |
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Other Details |
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Al Jazira Capital |
Financial advisor and lead manager |
|
Al Jazira Capital |
Lead underwriter |
|
Al Jazira, Al Rajhi, NCB, Saudi Fransi, SABB, and RIBL |
Receiving banks |
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