Saudi Enaya sets period for rights issue, new shares subscription

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co. determined the period of rights issue trading and subscription to the new shares, setting the start date on Nov. 10.

In a statement to Tadawul, Saudi Enaya said the rights issue will end on Nov. 17, while the subscription period will conclude on Nov. 22.

Right-holders may exercise their subscription right, in whole or in part, to the new shares in proportion to the rights existing in their portfolios. For registered shareholders and new investors, rights trading and subscription to new shares will be based on the details mentioned in the prospectus.

Any unsubscribed and fractional shares will be offered to institutional investors, in accordance with the details set in the prospectus. SNB Capital will underwrite shares that remain unsubscribed after the rump offering.

Investors who do not want to subscribe should consider the importance of selling their rights during the specified trading period. This is to avoid being exposed to a loss in the value of their investment portfolios as a result of not benefiting from their rights by sale or subscription, the statement said.

During its meeting on Nov. 6, Saudi Enaya’s general assembly agreed to increase the insurer’s capital via a SAR 130 million rights issue, according to the data available on Argaam.

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