Saudi Arabian Cooperative Insurance Co. (SAICO) has deployed SAR 144 million of the SAR 150 million generated from its June 2015 rights issue which was aimed at maintaining its solvency margin.
The insurer invested SAR 130.3 million into near money assets according to regulations while a total of SAR 15 million was added to the statutory reserve in line with capital increase requirements, the company said in a statement to Tadawul.
The investment exceeded the amount previously stated in the prospectus (SAR 114 million) as the company used unspent expenses initially associated with the rights issue process into the investment. The insurer is planning to put SAR 15 million of the additional funds into bonds and long-term investments.
Direct and indirect expenses related to the offering amounted to SAR 4.7 million, while total net proceeds reached SAR 145.3 million, the insurer added.
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