Alinma Tokio Marine Company (ATMC) launched the first round of its SAR 250 million rights issue on Tuesday, which is set to run until August 20.
The insurer is aiming to raise its capital from SAR 200 million to SAR 450 million.
A total of 25 million shares will be offered at SAR 10 per share to shareholders who were During the initial subscription stage, only registered shareholders will be allowed to subscribe based on the number of rights deposited in their portfolios.
The second round will be held August 23-August 25. Rights are not tradable during this On August 5, the company said it would allocate SAR 4 million to cover costs associated with the offering and use the remaining proceeds to boost its solvency margin and finance future expansions, according to a report published by Argaam.
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Capital Raise Details |
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SAR 200 mln |
Current capital |
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20 mln shares |
Number of shares |
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125% |
Capital raise (%) |
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SAR 450 mln |
New capital |
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Rights Issue Details |
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25 mln shares |
Number of right shares |
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SAR 10 per share |
IPO price per share |
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SAR 250 mln |
Size of issue |
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August 4, 2015 |
Record date |
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Additional Information |
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Saudi Kuwait Finance House |
Financial advisor |
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Alinma Investment |
Lead manager |
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Saudi Kuwait Finance House, Alinma Investment |
Lead Underwriter |
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Alinma, RIBL, Samba |
Receiving Banks |
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