Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) used SAR 150 million of its rights issue proceeds towards meeting solvency margin requirements, the company said in a statement to Tadawul on Thursday.
Total rights issue proceeds amounted to SAR 200 million. Direct and indirect expenses related to the rights issue amounted to SAR 4.06 million, while total net proceeds reached SAR 195.9 million.
The insurer has placed SAR 20 million of the proceeds in a statutory deposit, in compliance with capital increase requirements.
Al Rajhi earlier said it would allocate SAR 25 million for expansion plan, but is still currently considering offers and suitable locations for new branches.
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