Logo of Arabia Insurance Cooperative Co.
Arabia Insurance Cooperative Co.’s shareholders approved a capital increase by 100% through a SAR 265 million rights offering, during the extraordinary general meeting (EGM) held on Nov. 20, the company said in a statement to Tadawul.
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Capital Hike Highlights |
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Current Capital |
SAR 265 mln |
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Number of Shares |
26.5 mln |
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Capital Hike (%) |
100% |
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Capital after Increase |
SAR 530 mln |
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Number of Shares after Increase |
53 mln |
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Rights Issue Highlights |
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Number of Shares |
26.5 mln |
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Offering Price per Share |
SAR 10 |
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Issue Size |
SAR 265 mln |
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Eligibility Ratio |
One right for every share |
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Record Date |
Nov. 20, 2022 (Shareholders of record by the close of the second trading day following the EGM date) |
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Use of Proceeds |
Financial investments (SAR 223.5 mln) |
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Statutory deposit increase (SAR 26.5 mln) |
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Offering costs (SAR 15 mln) |
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In a separate statement, the Saudi Exchange (Tadawul) said that the company’s share fluctuation rate will be calculated today, Nov. 21, based on SAR 11.18 and existing orders are canceled.
It added that Arabia Insurance’s rights issue will be deposited to the shareholders’ portfolios by Nov. 23.
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