Allianz Saudi Fransi Cooperative Insurance Co.’s shareholders approved the board of directors’ recommendation to increase the company’s capital from SAR 200 million to SAR 600 million through a rights issue, during the extraordinary general meeting held on June 16.
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Key Figures of the Capital Hike |
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Current capital |
SAR 200 mln |
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Number of shares |
20 mln shares |
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Hike (%) |
200% |
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New capital |
SAR 600 mln |
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New shares |
60 mln shares |
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Rights Issue Details |
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Number of rights issue shares |
40.0 mln shares |
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Issue price |
SAR 10/share |
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Issue size |
SAR 400 mln |
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Record date |
Same day of the extraordinary general assembly meeting |
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Rights coefficient |
Each shareholder is entitled to 2 right issue shares for each share held |
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Start of right issue trading and subscription period |
To be announced later |
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End of rights issue trading |
To be announced later |
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End of trading new shares subscription period |
To be announced later |
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Use of Proceeds |
To support business expansions while maintaining solvency margin required by SAMA. Proceed will also go towards financing the increase in the statutory deposit required by SAMA. |
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Additional Information |
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Financial advisor, Lead manager and Underwriter |
ANB Invest |
Meanwhile, the Saudi Stock Exchange (Tadawul) announced the fluctuation limit for today, June 17, will be based on a share price of SAR 15.98, and the outstanding orders will be canceled.
The share’s rights will be deposited into investor’s portfolios on June 21.
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