Logo of The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co.
The Mediterranean and Gulf Cooperative Insurance and Reinsurance Co.’s (MEDGULF) announced that the rump offering was 834% oversubscribed, according to a bourse filing today, Dec. 5.
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Offering Details |
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Number of Shares Sold |
6.25 mln shares |
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Total Proceeds from Selling Rump Shares |
SAR 98.6 mln |
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Coverage Ratio (%) |
834% |
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Average Share Price |
SAR 15.78 |
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Net Compensation for Rights Issue & Fraction Shareholders |
SAR 23.63 mln |
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Date of Depositing Shares in Shareholders Accounts |
Dec. 9, 2021 |
The rights subscription period ended on Nov. 25, according to data available with Argaam.
Subscription period started on Nov. 15, to increase the company’s capital from SAR 700 million to SAR 1.05 billion, through a rights issue of 35 million shares at SAR 12 per share.
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