Saudi Enaya’s rights issue 77.8% subscribed

Saudi Enaya Cooperative Insurance Co. said its rights issue was 77.8 percent subscribed, as investors pumped SAR 155.58 million into 15.558 million shares, the company said in a bourse filing.

The remaining 4.442 million shares will be reoffered on a pro rata basis to institutional investors on Jan. 1-2, 2019.

Enaya began its rights issue on Monday, Dec. 17, to raise capital to SAR 300 million from SAR 100 million.

The insurer offered 20 million shares at SAR 10 each; and shareholders of record, owning one outstanding share were entitled to subscribe to two shares. 

The offering aimed to improve the company's solvency margin and support its financial position.