Al Rajhi Company for Cooperative Insurance (Takaful Al Rajhi) issued the prospectus for its plan to raise its capital from SAR 200 million to SAR 400 million through a rights issue.
The company plans to offer 20 million shares at SAR 10 per share.
Takaful Al Rajhi will hold its extraordinary general assembly on March 10.
Only investors registered on the date of the assembly will be eligible for subscription.
The insurer plans to use proceeds to enhance its solvency margin, finance future investments and branches, and buy new lands and headquarter.
About 5 million will go towards expenses fees, the company said.
The Capital Market Authority (CMA) approved in December the company’s request to raise its capital by SAR 200 million through a rights issue, according to data compiled by Argaam.
|
Capital Raise Details |
|
|
SAR 200 mln |
Current Capital |
|
20 mln |
Current number of shares |
|
100 % |
Percentage of the increase |
|
SAR 400 mln |
Resulting capital |
|
Rights Issue Details |
|
|
20 mln |
Number of shares |
|
SAR 10 |
Price per share |
|
SAR 200 mln |
Size of issue |
|
March 10, 2015 |
Record date |
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