SAICO invests SAR 130.3 mln of rights issue proceeds

Saudi Arabian Cooperative Insurance Co. (SAICO) has invested SAR 130.3 million out of the SAR 150 million in total proceeds generated from a recent rights issue into near money and cash assets, the company said in a statement to Tadawul.

The investment exceeded the amount previously stated in the prospectus (SAR 114 million). The insurer is planning to put SAR 15 million of the additional funds into bonds and fixed-income investments.

A total of SAR 15 million was added to its statutory reserve, which falls in line with capital increase requirements. 

Direct and indirect expenses related to the offering amounted to SAR 4.7 million, while total net proceeds reached SAR 145.3 million, the insurer added.