The CMA announces the status of rights issue requests

23/11/2014 Argaam

The Capital Market Authority (CMA) announced the status of the companies requesting approvals for capital raise through rights issue as follows:
 

Company

Status

Saudi Arabian Cooperative Insurance Company (SAICO)

The request will be submitted to CMA’s board within 2 weeks of this announcement

Buruj Cooperative Insurance Company

The request will be submitted to CMA’s board within 2 weeks of this announcement

The Saudi Indian Company for Co-operative Insurance (Wafa)

The request will be submitted to CMA’s board within 2 weeks of this announcement

AXA Cooperative Insurance Company

The request will be submitted to CMA’s board within 2 weeks of this announcement

Al Alamiya for Cooperative Insurance Company

The request will be submitted to CMA’s board within 2 weeks of this announcement

Al-Rajhi Takaful Company for Cooperative Insurance

The company and its financial advisor are still working on completing the capital raise request file

Saudi united Cooperative insurance Company (Walaa)

The company and its financial advisor are still working on completing the capital raise request file

United Cooperative Assurance Company

The company and its financial advisor are still working on completing the capital raise request file

 

The CMA said that these are the only capital raise through rights issue requests it has received till now emphasizing the procedures to be applied by the Companies requesting a capital raise approval as follows:

  • Publishing the BOD recommendation of the capital raise.
  • Appointing a licensed financial advisor to follow up with the CMA and ensure fulfilling all requirements.
  • Appointing a licensed underwriter for the IPO.
  • Submitting the capital raise request to the CMA including the IPO prospectus to ensure the compliance with all applicable rules and regulations.
  • Publishing the IPO prospectus after obtaining the CMA’s approval.
  • Holding a general assembly meeting to vote on the capital raise.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.