Al-Rajhi Takaful OKs 100% capital raise

10/03/2015 Argaam

Al-Rajhi Company for Cooperative Insurance (Al-Rajhi Takaful) said it approved on Tuesday a 100 percent capital raise from SAR 200 million to SAR 400 million through a rights issue.

 

The insurer said about SAR 5 million will go towards expenses, while the rest of the proceeds will be utilized to enhance solvency margin and expansion plans, as well as a new land and building for its headquarters.

 

Capital Raise Details

SAR 200 mln

Current Capital

20 mln

Current number of shares

100 %

Percentage of the increase

SAR 400 mln

Resulting capital

20 mln

Number of new shares

SAR 10

Price per share (new)

SAR 200 mln

Size of issue

March. 10, 2015

Record date
 

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