Arabia Insurance uses rights issue proceeds to boost solvency margin

30/07/2015 Argaam

Arabia Insurance has used SAR 172 million of the SAR 200 million in total proceeds generated from a recent rights issue to improve its solvency margin, the company said in a statement to Tadawul.

 

Over SAR 107 million was said to have been invested in bank deposits and funds, while SAR 50 million went towards bonds and long-term investments. The company also used SAR 15 million to purchase shares in listed firms and other investments.

 

Total direct and in-direct expenses reached SAR 7.9 million.

 

A total of SAR 20 million was used as a recurring deposit, in line with the capital hike.

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