Salama Cooperative Insurance Company launched the first stage of its rights issue on Monday, which is set to continue until July 15.
The insurer is offering 15 million shares at SAR 10 per share to raise its capital from SAR 100 million to SAR 250 million.
During this stage, each registered shareholder can subscribe to 1.5 new shares.
The company said it will dedicate SAR 8 million for fees, while the rest of the proceeds will be used to boost its solvency margin.
Rights can also be traded by shareholders or investors during this stage.
Saudi-based insurers such as Wafa, AICC, United Assurance, and Al-Alamaiya have recently raised their capitals through rights issues in an attempt to offset accumulated losses, according to data compiled by Argaam.
|
Price Limits |
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SAR 17.13 |
Closing price per share |
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± 10% |
Price fluctuation limit |
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± SAR 1.7 (18.80-15.35) |
Daily price limit per share |
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SAR 10 |
Offering price |
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SAR 7.13 |
Indicated value at closing |
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Capital Increase Details |
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SAR 100 mln |
Current capital |
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10 mln |
Current shares |
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150% |
Percentage of increase |
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SAR 250 mln |
Resulting capital |
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The Rights Issue |
|
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15 mln |
Number of new shares |
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SAR 10 |
Price per share (new) |
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SAR 150 mln |
Size of issue |
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June 30, 2015 |
Record date |
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Other Details |
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NCB Capital |
Financial advisor & Lead manager |
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NCB Capital |
Lead Underwriter |
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NCB, Al-Rajhi, SAMBA, RIBL, Saudi Fransi |
Receiving banks |
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