United Cooperative Assurance Company launched on Tuesday its rights issue which is set to continue until March 10.
The first stage will last until March 5, according to data available on Argaam.
The insurer is offering 21 million shares at SAR 10 per share to raise its capital from SAR 280 million to SAR 490 million.
During the first stage, registered shareholders can exercise their right to subscribe to new shares according to the number of rights allocated for their portfolios.
Shareholders and investors can also trade rights during this stage.
United said it plans to use the capital raise to finance future expansions and to maintain its required solvency margin. About SAR 5.3 million of the proceeds will go towards rights issue expenses.
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United Cooperative Assurance Company Price Limits |
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SAR 17.07 |
Closing price per share |
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± 10% |
Share price deviation |
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± SAR 1.70 (15.35-18.80) |
Daily price limit per share |
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SAR 10 |
Rights issue price |
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SAR 7.07 |
Indicated right value at closing |
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Capital Raise Details |
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SAR 280 mln |
Current Capital |
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28 mln |
Current number of shares |
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75% |
Percentage of the increase |
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SAR 490 mln |
New capital |
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49 mln |
Number of shares after increase |
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Rights Issue Details |
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21 mln |
Number of shares |
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SAR 10 |
Price per share |
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SAR 210 mln |
Size of issue |
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Feb. 18, 2015 |
Record date |
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3 rights for every 4 shares (0.75/share) |
Rights allowed |
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Other details |
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Alistithmar Capital |
Lead manager and lead underwriter |
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BMG Group |
Financial advisor |
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SAMBA, NCB, RIBL, Saudi investment |
Receiving Banks |
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