Logo of Saudi Enaya Cooperative Insurance Co.
Saudi Enaya Cooperative Insurance Co. issued today, Nov. 2, its prospectus for a capital increase through a SAR 130 million rights issue.
The insurer plans to increase its capital by 130%, from SAR 100 million to SAR 230 million, by floating 13 million shares on the Saudi Exchange (Tadawul), at SAR 10 per share.
It aims to use proceeds of the rights issue to support its future plans and enhance the solvency margin.
According to data compiled by Argaam, the Capital Market Authority (CMA) approved on Nov. 1, Saudi Enaya’s request to increase its capital through a SAR 130 million rights issue.
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Key Highlights of Capital Increase |
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Current Capital |
SAR 100 mln |
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Number of Shares |
10 mln |
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Percentage of Increase |
130% of pre-hike capital |
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New Capital |
SAR 230 mln |
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New Number of Shares |
23 mln |
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Key Highlights of Rights Issue |
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Number of Offered Shares |
13 mln |
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Offering Price |
SAR 10/share |
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Offering Size |
SAR 130 mln |
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Eligibility Ratio |
Nearly 1.3 rights for every share |
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Record Date |
Shareholders of record and those registered with Edaa on the second trading day following the extraordinary general meeting (EGM) date |
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Proceeds |
Bank deposits |
SAR 53.8 mln |
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Investment funds |
SAR 26.9 mln |
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Bonds and sukuk |
SAR 26.9 mln |
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Statutory deposit |
SAR 12.0 mln |
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Offering cost |
SAR 10.4 mln |
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Total |
SAR 130 mln |
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