Wataniya Insurance shareholder raises stake by 3.63%

Logo of Wataniya Insurance Co.

E.A. Juffali and Brothers, a substantial shareholder in Wataniya Insurance Co., purchased 1.450 million additional shares, or 3.63% of the company's capital, the insurer announced in a bourse filling.

This was done by acquiring additional shares during the rump offering for an amount of SAR 24.650 million.

Accordingly, the ownership of E.A. Juffali and Brothers in the company's capital increased from 5% to 8.63%.

The company's rump offering was 398.9% oversubscribed. The subscription process to the company's rights shares ended on May 12, according to Argaam's data.

The subscription period started on April 25, to increase the company’s capital from SAR 200 million to SAR 400 million, through a rights issue of 20 million shares at SAR 10 each.