Malath Cooperative Insurance Co.’s rights issue was 79.79 percent subscribed as investors bought a total of 30.3 million shares worth SAR 303 million, the insurer said in a statement to Tadawul.
The remaining shares will be offered to institutional investors on Oct. 24 until Wednesday 25.
Priority will be given to the highest offers, and pro-rata basis will be applied to equal offers.
Fractional shares will be added to the remaining shares, Malath said, adding that unsubscribed shares will be allocated for the underwriters to buy them at the offering price.
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