AXA Cooperative Insurance Company launched on Tuesday the first stage of its rights issue to raise its capital from SAR 200 million to SAR 450 million.
The company is offering 25 million shares during the first stage at SAR 10 per share for shareholders that were listed on the company’s registry by Feb. 10.
The first stage, which is set to last until Feb. 26, allows shareholders to trade their priority subscriptions.
The insurer said it plans to use proceeds to enhance its solvency margin and support the growth of the company’s future activities.
AXA Price Limits
Closing price per share
Share’s price deviation percentage
± SAR 2.45 (27.20-22.25)
Daily price limit per share
Right closing price
Indicated right value at closing
Capital Raise Details
SAR 200 mln
Current number of shares
Percentage of the increase
SAR 450 mln
Number of shares after increase
Rights Issue Details
Number of shares
Price per share
SAR 250 mln
Size of issue
February 10, 2015
1.25 right of every one share (125%)
Subscription right portion
Saudi Fransi Capital
Lead manager, lead underwriter, and financial advisor
SAMBA, NCB, RIBL, Saudi Fransi, Arab National
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