Wataniya Insurance Co.’s rights issue was 93.69 percent subscribed by the end of the second phase, as investors bought 9.36 million shares worth a total of SAR 93.7 million, the company said in a statement to Tadawul on Thursday.
During the first stage, 7.8 million shares were sold at a value of SAR 78.3 million. The rights issue at this stage was 78.34 percent subscribed.
The second phase, which was 15.35 percent subscribed, saw 1.5 million shares sold at a total value of SAR 15.4 million.
The insurer added that unsubscribed shares in both stages will be offered on Sunday at 10am to institutional investors for a 24-hour period.
The rump shares would be allocated to institutional investors with the highest offer. Fractional shares would also be added to the remaining shares and treated in the same manner.
The insurer offered 10 million shares priced at SAR 10 per share to double its capital to SAR 200 million.
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