AXA Insurance says remaining rights 702.2% subscribed
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AXA Cooperative Insurance Company wrapped up the final stage of its 25 million share-rights issue on Monday.
During this stage, 1.29 million shares were offered to investment firms at an average price of SAR 17.49 per share. The shares were 702.2 percent subscribed.
The insurer said that SAR 22.64 million were raised in this stage, and the net compensation of rights holders was SAR 9.69 million.
The new shares will be deposited to the portfolios of investors on March 19, the company added.
AXA previously announced that 23.71 million rights with a value of SAR 237.05 million were exercised during the first and second stages of its rights issue with a coverage ratio of 98.4 percent, according to data compiled by Argaam.