Wafa Insurance updates use of rights issue proceeds

08/03/2018 Argaam

 

Saudi Indian Company for Cooperative Insurance (Wafa Insurance)  has used SAR 90.6 million out of the total SAR 100.50 million proceeds generated from the rights issue to fulfil its solvency margin requirements, the insurer said in a statement to Tadawul on Thursday.

 

The amount has been invested fully in Murabaha term deposit with a local bank, it added.

 

Total direct and indirect costs related to the capital increase amounted to SAR 3.90 million, coming in SAR 1.1 million lower than the SAR 5 million estimated in the prospectus. The difference was due to actual final costs being lower than initially expected.

 

Meanwhile, an amount of SAR 10.5 million was added to the statutory deposit in line with the capital increase.

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