Arabia Insurance Cooperative Company (AICC) said it approved on Wednesday a 100 percent capital raise from SAR 200 million to SAR 400 million through a rights issue.
The insurer said about SAR 8 million will go towards expenses, while the rest of the proceeds will be utilized to enhance solvency margin.
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Capital Raise Details |
|
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SAR 200 mln |
Current Capital |
|
20 mln |
Current number of shares |
|
100 % |
Percentage of the increase |
|
SAR 400 mln |
Resulting capital |
|
40 mln |
Number of new shares |
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Rights Issue Details |
|
|
20 mln |
Number of shares |
|
SAR 10 |
Price per share |
|
SAR 200 mln |
Size of issue |
|
April 7, 2015 |
Record date |
|
Aljazira Capital |
Financial advisor, lead manager and lead underwriter |
|
Arab National- BJAZ- RIBL- SAMBA- NCB |
Receiving Banks |
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