Amana Insurance to launch rights issue on Feb. 4

03/02/2019 Argaam

 

Amana Cooperative Insurance Co. will launch its rights issue from Feb. 4, 2019, the company said in a bourse statement on Sunday.

 

Subscription to new shares will run from Feb. 4 through Thursday, Feb. 14.

 

Rights holders may exercise their rights to subscribe (wholly or partially) for the new shares up to the number of rights deposited in their accounts.

 

The rights trading and subscription for the new shares will be based on the insurer’s prospectus.

 

Unsubscribed shares and fractional shares, if any, will be offered to institutional investors.

 

In case these shares are not purchased by institutional investors, such shares will be allocated to NCB Capital, the financial adviser.

 

Investors, who are not willing to subscribe, should sell their rights during the trading period, the statement added.

 

Amana shareholders have recently approved to increase capital through a SAR 100 million rights issue, Argaam reported.

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