Logo of Wataniya Insurance Co.
Wataniya Insurance Co. announced today, March 10, the issuance of prospectus for its capital increase through SAR 200 million rights issue.
The capital will increase to SAR 400 million by offering of 20 million shares at a nominal value of SAR 10 each.
The capital hike is aimed to support the company's future plans and solvency margin.
The Capital Market Authority (CMA) approved the request received from Wataniya on March 8 to increase capital through SAR 200 million rights issue, Argaam reported.
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Capital Hike Details |
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Current Capital |
SAR 200 mln |
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Number of Shares |
20 mln |
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Capital Hike% |
100% |
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Capital after Increase |
SAR 400 mln |
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Number of Shares after Increase |
40 mln |
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Rights Issue Details |
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Number of Shares Offered |
20 mln shares |
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Offering Price Per Share |
SAR 10 |
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Size of Issue |
SAR 200 mln |
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Eligibility Ratio |
Each listed shareholder will have the right to one share per each owned share. |
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Record Date |
Shareholders of record by the close of trading on the second day following the EGM date |
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Rights Issue Proceeds |
Financial investments |
SAR 150 mln |
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General works |
SAR 24 mln |
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Increasing statutory deposit |
SAR 20 mln |
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Estimated offering costs |
SAR 6 mln |
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