The extraordinary general assembly of Al-Ahlia for Cooperative insurance Company approved a capital raise of SAR 220m through a rights issue in its meeting held July 1, 2014.
The capital raise is to take place through the issuance of 22m shares, 2.2 shares for each one outstanding share. The GA determined the issuance price per share at SAR 10.
The company said in its filing to Tadawul today that the capital raise is intended to maintain the solvency margin and support the company’s activities.
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Key information of the capital increase |
|
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SAR 100m |
Current capital |
|
10m shares |
Number of shares |
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220% |
Capital raise (%) |
|
SAR 320m |
New capital |
|
Key information of the rights issue |
|
|
22m shares |
No. of shares issued |
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SAR 10 per share |
Issuance price |
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SAR 220m |
IPO size |
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July 1st, 2014 |
Record date |
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Not determined yet |
IPO date |
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Not determined yet |
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|
Not determined yet |
Additional shares’ price |
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Not determined yet |
Allocation date |
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