Walaa says partner IGI will not subscribe to rights issue

05/05/2015 Argaam

Saudi United Cooperative Insurance Co. (Walaa) said its strategic partner IGI Underwriting Company showed no interest in subscribing to its rights issue, which started today.

 

According to data compiled by Argaam, the first round of Walaa’s 20 million-share rights issue will continue to May 14.

 

The new shares are offered at a nominal value of SAR 10 each with a premium of SAR 2; but will be sold at SAR 12, the company said.

 

The second stage will start on Sunday, May 17 and last until May 19.

 

IGI currently owns a 10.5 percent stake in the insurer.

 

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