Wataniya to launch first phase of rights issue tomorrow

08/08/2016 Argaam

Wataniya Insurance Co.’s  first stage of its SAR 100 million rights issue will start on Tuesday, August 9, and continue until August 18, the company said in a statement to Tadawul.

 

The insurer is offering 10 million shares at SAR 10 per share to double its capital to SAR 200 million.

 

During the first stage, registered shareholders can subscribe to new shares as per the number of rights deposited in their portfolios after the general assembly.

 

Proceeds generated from the rights issue will be used to finance the restructuring of some business segments and boost Wataniya’s statutory deposit.

 

Wataniya had earlier appointed ANB Invest as lead manager, financial advisor and underwriter for the offering. Saudi Hollandi Capital was also named as underwriter, Argaam earlier reported.

 

In June, the Capital Market Authority (CMA), Saudi Arabia’s market regulator, approved the insurer’s request to increase capital through a rights issue.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read