Logo of Gulf Union Alahlia Cooperative Insurance Co.
Gulf Union Alahlia Cooperative Insurance Co. announced the prospectus for its capital increase through a rights issue offering of SAR 229.5 million.
The capital will be increased to SAR 458.95 million, through offering 22.95 million rights issue shares at a nominal value of SAR 10 each.
The capital hike is aimed to support the company’s future plans, enhance solvency margin and boost investment income.
Earlier this month, the Capital Market Authority (CMA) approved the insurer’s application to increase capital through SAR 229.5 million rights issue, as per Argaam data.
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Capital Increase Details |
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Current capital |
SAR 229.50 mln |
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Number of shares |
22.95 mln shares |
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Capital increase % |
100% |
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Capital after increase |
SAR 458.95 mln |
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Number of shares after increase |
45.90 mln shares |
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Rights Issue Details |
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Number of offered shares |
22.95 mln shares |
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Offering price per share |
SAR 10 |
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Size of issue |
SAR 229.47 mln |
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Eligibility coefficient |
Nearly one right for every share held |
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Record date |
Shareholders of record by the end of trading on the second day following the EGM date |
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Rights issue proceeds |
Increasing statutory deposit |
SAR 34.42 mln |
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Investment |
SAR 189.05 mln |
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Offering fees and costs |
SAR 6.00 mln |
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