Al-Ahlia completes last phase of rights issue

Al-Ahlia for Cooperative Insurance Company completed the last phase of its rights issue, selling 2.9 million shares to institutional investors at an average price of SAR 15.20 per share, a filing on Tadawul said today.

The issue was 288 percent oversubscribed, and proceeds of remaining and fractional shares amounted to SAR 43.6 million. Net compensations to the holders of such rights reached SAR 14.9 million.

On July 24, Al-Ahlia allocated 86.95 percent of the rights issue, and offered the remaining percentage to the highest bids from institutional investors on August 3.