Amana Insurance shareholders to vote on SAR 300 mln rights issue on May 29

25/05/2022 Argaam
Logo ofAmana Cooperative Insurance Co.

Logo of Amana Cooperative Insurance Co.

Amana Cooperative Insurance Co.’s shareholders will vote on increasing capital through a SAR 300 million rights issue, during an extraordinary general meeting (EGM) to be held on May 29, the company said in a statement to Tadawul. 

  

Earlier this week, the Capital Market Authority (CMA) approved the insurer’s request to increase capital through a SAR 300 million rights issue, Argaam reported. 

  

The capital hike aims to support the company's future plans, enhance solvency margin position and increase investment income.

 

Capital Hike Details

Current capital

SAR 130 mln

Number of shares

13 mln shares

Capital hike%

230.7%

Capital after increase

SAR 430 mln

Number of shares after increase

43 mln shares

Method

A rights issue of 30 million shares at a total of SAR 300 mln

Reason

To support the company's future plans and increase investment income.
 

Rights Issue Details

Number of shares offered

30 mln shares

Offer price

SAR 10

Size of issue

SAR 300 mln

Record date

Shareholders registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the EGM date.
 

 Meanwhile, shareholders will also vote on amending the company’s bylaws 

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