Alinma Tokio's rump offering 841% oversubscribed; SAR 31 mln raised

Alinma Tokio Marine Co.'s rump offering was 841 percent oversubscribed as institutional investors bought 1.8 million remaining and fractional shares amounting to SAR 30.8 million at an average price of SAR 17.04 per share, the company said in a statement to Tadawul.

Net refunds stood at SAR 12.7 million following the final round which ended on August 31.

New shares are expected to be deposited in shareholders’ accounts on September 6.

Last week, the insurer said its rights issue was 92.8 percent subscribed in the first and second rounds, as investors bought 23.2 million new shares for SAR 232 million, according to a report published by Argaam.