Wataniya Insurance adds SAR 10 mln from rights issue to statutory deposit

Wataniya Insurance Co. said a total of SAR 10 million from its rights issue proceeds was added to the statutory deposit, the company said in a statement to Saudi bourse, Tadawul.

Also, an amount of SAR 6.3 million was spent on replacing the existing information systems. A total of SAR 41 million was added to the investment portfolio with NCB Capital and SAR 10 million was placed as a Murabaha time deposit at Al-Khabeer Capital.

The remaining SAR 26.07 million were invested in short term time deposits.

The total proceeds of its rights issue that took place August 9 to 23, 2016, reached SAR 100 million. After deducting the offering costs of SAR 6.6 million, the net proceeds amounted to SAR 93.4 million.