Walaa Insurance to launch rights issue May 5

29/04/2015 Argaam

Saudi United Cooperative Insurance Company (Walaa) said the first stage of its 20 million-share rights issue will begin on May 5, and will continue to May 14.

 
The new shares have a nominal value of SAR 10 each, but will be sold at SAR 12, the company said.
 
During the first stage, which coincides with the rights trading period, only registered shareholders can subscribe to the new shares based on the number of rights deposited to their portfolios.
 
The second stage will start on Sunday, May 17 and continue to May 19.
 
Registered shareholders and investors who bought rights during the first stage are allowed to exercise these rights during the second phase. Rights, however, cannot be traded during this stage.
 
Al-Jazira Capital, the lead manager and financial adviser of the offering, will then invite investment firms to subscribe to remaining rights. This will take place on May 24-25.

 

Capital Increase Details

SAR 200 mln

Current capital

20 mln

Current shares

100%

Percentage of increase

SAR 400 mln

Resulting capital

Rights Issue

20 mln

Number of new shares

SAR 12

Price per share (new)

SAR 240 mln

Size of issue

April 6, 2015

Record date

Other Details

Al Jazira Capital

Financial advisor  and lead manager

Al Jazira Capital

Lead underwriter

Al Jazira, Al Rajhi, NCB, Saudi Fransi, SABB and Riyad bank.

Receiving banks

 

IPO

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