Saudi Enaya Cooperative Insurance Co. will begin its rights issue today, Monday, Dec. 17, to raise capital to SAR 300 million from SAR 100 million, the insurer said in a bourse filing.
The rights will be tradable as of today until Monday, Dec. 24. Meanwhile, the subscription period will run until Thursday, Dec. 27.
Enaya will offer 20 million shares at SAR 10 each; and shareholders of record, owning one outstanding share are entitled to subscribe to two shares.
Rights holders are entitled to fully or partially subscribe to new shares pro rata, the statement added.
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Details of the Capital Hike |
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Current capital |
SAR 100 mln |
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Number of shares |
10 mln shares |
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Capital hike percentage |
200% |
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New capital |
SAR 300 mln |
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Details of the Rights Issue |
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Number of shares |
20 mln |
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Rights issue price |
SAR 10/share |
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Rights issue size |
SAR 200 mln |
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Record date |
Dec. 12, 2018 |
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Trading & subscription period |
The rights issue begins on Monday, Dec. 17 through Thursday, Dec. 27. The rights will be tradable as of Monday, Dec. 17 until Dec. 24 |
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Use of proceeds |
To improve the company's solvency margin and support financial position |
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Additional Information |
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Financial advisor, lead manager and underwriter |
Aljazira Capital |
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