Al-Rajhi Company for Cooperative Insurance (Al-Rajhi Takaful) said on Wednesday that its rights issue will be launched from March 17, with the first phase lasting until March 26.
The offering is aimed at doubling the insurer’s capital to SAR 400 million from SAR 200 million, according to data available on Argaam.
A total of 20 million shares will be offered at SAR 10 per share, to shareholders of record on March 10.
In the initial subscription round, registered shareholders will be entitled to subscribe wholly, or partially to the new shares up to the rights deposited with their portfolios.
The second round will run from March 29 to 31. All rights holders, whether registered shareholders or buyers of rights in the first round, will be entitled to subscribe for new shares. Rights cannot be traded in this phase.
Eligible shareholders will subscribe for one right for every share held.
Al-Rajhi said the issue will cost about SAR 5 million. The remaining amount will be used in bolstering the company’s financial solvency and financing future expansions. The company plans to open new branches, buy lands, and establish a new headquarters.
The offering is lead-managed by Saudi Hollandi Capital with Aldukheil Financial Group (AFG) as adviser and Al-Rajhi Capital as underwriter.
Receiving banks are Al-Rajhi Bank, Riyad Bank, and Banque Saudi Fransi.
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