Saudi Enaya closes 4.4 mln share offering today

Saudi Enaya Cooperative Insurance Co. will close offering of the remaining 4.41 million shares today (Jan. 2) at 5.00 p.m.

The unsubscribed shares were reoffered to institutional investors on a pro rata basis.

The remaining shares will be reoffered to the underwriter, Aljazira Capital, at the offering price.

Last week, Saudi Enaya said its rights issue was 77.8 percent subscribed, as investors pumped SAR 155.58 million into 15.558 million shares.

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.