Amana shares oversubscribed by 384%

Amana Cooperative Insurance Co.’s total revenue after selling 2,498,208 shares at an average price of SAR 12.4 per share, came out to around SAR 30.9 million, oversubscribed by 384 percent, the insurer said in a statement to Tadawul.

Rights issue holders’ net amount of compensations and fraction shares reached about SAR 5.9 million, to be deposited into the shareholders’ accounts on March 3, the statement added.

Amana shareholders approved on Jan.28 the board's recommendation to increase capital by 71.43 percent to SAR 240 million through a SAR 100 million rights issue, aiming to boost the company's solvency and financial position.