Amana Cooperative Insurance Co. launched its rights issue today, Feb. 4 to Feb. 11, 2019, the company said in a bourse statement on Sunday.
Subscription to new shares will begin today, but will run through Thursday, Feb. 14.
Amana will offer 10 million shares at SAR 10 each to raise capital to SAR 240 million from SAR 140 million, by 71.43 percent.
The increase will be limited to the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the extraordinary general assembly meeting.
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.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 140 mln |
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Number of shares |
14 mln shares |
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Hike (%) |
71.4% |
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New Capital |
SAR 240 mln |
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Rights Issue Details |
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Number of rights issue shares |
SAR 10 mln |
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Issue price |
SAR 10/ share |
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Issue size |
SAR 100 mln |
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Record date |
Jan. 28 (shareholders registered in the Security Depository Center on Jan. 30) |
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Rights issue offering period |
Feb. 4 to Feb. 11 |
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Rights issue subscription period |
Feb. 4 to Feb. 14 |
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Use of Proceeds |
To support the company’s financial position through raising required solvency margin, finance SAMA required increase in the statutory deposit, and support business development and future growth. |
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Additional Information |
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Financial advisor Underwriter, lead manager |
NCBC |
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