Amana Cooperative insurance Co. has set the share price of its capital hike at SAR 10 per share, the prospectus said.
The insurer aims to increase capital to SAR 240 million from SAR 140 million through offering 10 million shares of rights issue.
Shareholders of record on the second trading day after the general assembly meeting date are entitled to this increase.
According to data compiled by Argaam, the Capital Market Authority (CMA) approved in November the increase of capital by SAR 100 million through rights issue.
The extraordinary general assembly is set to be held on Dec. 25 to discuss the capital hike.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 140 mln |
|
Number of shares |
14 mln shares |
|
Hike (%) |
71.4% |
|
New Capital |
SAR 240 mln |
|
Rights Issue Details |
|
|
Number of rights issue shares |
SAR 10 mln |
|
Issue price |
SAR 10/ share |
|
Issue size |
SAR 100 mln |
|
Record date |
General assembly meeting |
|
Rights issue offering period |
Dec. 31, 2018 to Jan. 7 ,2019 |
|
Rights issue subscription period |
Dec. 31, 2018 to Jan. 10, 2019 |
|
Use of Proceeds |
To support the company’s financial position through raising required solvency margin, finance SAMA required increase in the statutory deposit, support business development and future growth. |
|
Additional Information |
|
|
Financial advisor Underwriter, lead manager |
NCBC |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}