Saudi Enaya Cooperative insurance Co. (Enaya) has set the share price of its capital hike at SAR 10 per share, the prospectus said.
The insurer aims to increase capital to SAR 300 million from SAR 100 million through offering 20 million shares of rights issue.
Shareholders of record on the second trading day after the general assembly meeting date are entitled to this increase.
According to data compiled by Argaam, the Capital Market Authority (CMA) approved in November the increase of capital by SAR 200 million through rights issue.
The extraordinary general assembly is set to be held on Dec. 12 to discuss the capital hike.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 100 mln |
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Number of shares |
10 mln shares |
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Hike (%) |
200% |
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New Capital |
SAR 300 mln |
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Rights Issue Details |
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Number of rights issue shares |
SAR 20 mln |
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Issue price |
SAR 10/ share |
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Issue size |
SAR 200 mln |
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Record date |
General assembly meeting |
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Use of proceeds |
To maintain required solvency margin and support the company's growth. Shareholders will not get any rights issue proceeds. |
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Additional Information |
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Financial advisor Underwriter, lead manager |
Aljazira Capital |
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