United Assurance says rights issue 89.4% subscribed by end of second stage

12/03/2015 Argaam
United Cooperative Assurance Company said that 18.78 million rights with a value of SAR 187.8 million were exercised during the first and second stages of its rights issue with a coverage ratio of 89.43 percent.
 
Investors subscribed to 13.41 million shares during the first stage at a total value of SAR 134.13 million with a subscription ratio of 63.87 percent.
 
The second stage was 25.56 percent subscribed after investors subscribed to 5.37 million shares for a total value of SAR 53.69 million, the company said in a filing to Saudi Arabia’s bourse.
 
Alistithmar Capital, the lead manager and financial advisor of the offering, will now invite investment firms to subscribe to remaining rights that weren't exercised within the first and second stages.
 
Shares will then be allocated based on offers submitted by the institutions; priority will be given to the highest offers, and pro-rata basis will be applied to equal offers.

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