Logo of Salama Cooperative Insurance Co.
Salama Cooperative Insurance Co. announced today, Nov. 22, the results of rights trading and subscription to new shares, as well as the details of the rump offering.
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Subscription Details |
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Number of offered shares |
10 mln |
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Shares subscribed |
9.11 mln |
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Value of shares subscribed |
SAR 91.09 mln |
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Coverage ratio |
91.09% |
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Shares remaining |
891,070 |
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Unsubscribed shares sale date |
Nov. 26-27, 2023 |
Rump shares will be offered to a number of institutional investors, provided the institutions submit purchase offers for such shares, Salama said in a statement to Tadawul.
Rump shares will be allocated to institutional investors pro rata.
The remaining shares, if any, will be allocated to the underwriter, who will buy them at the offering price, the statement noted.
Rights trading period ran from Nov. 9-21 to increase the company’s capital from SAR 100 million to SAR 200 million through offering 10 million shares at SAR 10 each, according to data compiled by Argaam.
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