Logo of Gulf Union Alahlia Cooperative Insurance Co.
Gulf Union Alahlia Cooperative Insurance Co. announced the details of its rights issue, the subscription to new shares and offering of rump shares.
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Rights Issue Details |
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Number of Rights Issue Shares |
22.95 mln |
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Number of Subscribed Shares |
6.25 mln |
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Subscription Value |
SAR 62.5 mln |
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Subscription Ratio (%) |
27.24% |
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Number of Rump Shares |
16.7 mln |
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Date of Offering Rump Shares |
May 24-25, 2022 |
The rump shares will be offered to a number of institutional investors, which are required to submit bids for those remaining shares.
The rump shares will be allocated to the institutional investors from the highest to lowest bid pro rata. If institutional investors have not fully subscribed to the rump shares, the remaining shares will be allocated to the underwriter at the offer price.
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