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Logo of Walaa Cooperative Insurance Co.
The rights trading and the subscription period for Walaa Cooperative Insurance Co. will start on Dec. 2, the company said in a statement to Tadawul.
The rights trading will end on Dec. 9, while the subscription process will close on Dec. 12.
Rights holders are entitled to subscribe to the new shares partially or fully on a pro rata basis.
Trading in priority rights and subscription to new shares shall be in accordance with what is specified in the issuance prospectus for registered shareholders and new investors.
Unsubscribed shares, and share fractions, will be offered to institutional investors.
Financial advisor, subscription manager and underwriter for the offering, AlJazira Capital, will undertake the unsubscribed rights shares, if any.
Investors who do not wish to subscribe should be aware of the importance of selling their priority rights during the specified trading period, so that they are not exposed to a decrease in the value of their investment portfolios.
According to data available with Argaam, Walaa’s shareholders approved the board’s recommendation to increase capital by 49.97% via a rights issue, during the extraordinary general meeting (EGM) held on Nov. 26.
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Capital Hike Details |
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Current Capital |
SAR 850.58 mln |
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Number of Shares |
85.06 mln |
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New Capital |
SAR 1.27 bln |
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Number of Shares after Increase |
127.55 mln |
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Capital Increase (%) |
49.97% (Each registered shareholder shall have the right to subscribe to 0.4997 shares for every owned share.) |
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Par Value |
SAR 425 mln |
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Reason |
Boosting growth and expansion plans, enhancing solvency and maintaining the credit rating |
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Record Date |
Nov. 26 (Shareholders of record at the end of trading on the day of the EGM and those registered with Edaa at the end of the second trading day following the EGM) |
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