Amana Cooperative insurance Co.’s rights issue subscription period will end today, Feb. 14, the insurer said in a bourse statement
The subscription period will run until Thursday, Feb. 14.
Amana offered 10 million shares at SAR 10 each to raise its capital to SAR 240 million from SAR 140 million.
Rights trading period ended on Feb. 11, according to data compiles by Argaam.
In November 2018, the Capital Market Authority (CMA) approved the increase of capital by SAR 100 million through rights issue.
Key Figures of the Capital Hike
SAR 140 mln
Number of shares
14 mln shares
SAR 240 mln
Rights Issue Details
Number of rights issue shares
SAR 10 mln
SAR 10/ share
SAR 100 mln
Jan. 28, 2019
Rights issue offering period
Rights issue subscription period
Use of Proceeds
To support the company’s financial position through raising required solvency margin, finance SAMA required increase in the statutory deposit, support business development and future growth.
Financial advisor Underwriter, lead manager
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