Allianz Saudi Fransi Cooperative Insurance Co. announced on Monday the publication of its rights issue prospectus.
The insurer plans to issue 40 million rights issue shares at SAR 10 per share to raise its capital to SAR 600 million from SAR 200 million.
In June 2018, Allianz Saudi Fransi’s board of directors recommended a capital hike through a SAR 400 million rights issue to support business expansions, according to data compiled by Argaam.
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Key Figures of the Capital Hike |
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Current capital |
SAR 200 mln |
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Number of shares |
20 mln shares |
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Hike (%) |
200% |
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New capital |
SAR 600 mln |
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New shares |
60 mln shares |
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Rights Issue Details |
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Number of rights issue shares |
40.0 mln shares |
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Issue price |
SAR 10/share |
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Issue size |
SAR 400 mln |
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Record date |
Same day of the extraordinary general assembly’s meeting |
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Rights coefficient |
Each shareholder is entitled to 2 right issue shares for each share held |
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Start of right issue trading and subscription period |
To be announced later |
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End of rights issue trading |
To be announced later |
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End of trading new shares subscription period |
To be announced later |
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Use of Proceeds |
To support business expansions while maintaining solvency margin required by SAMA. Proceed will also go towards financing the increase in the statutory deposit required by SAMA. |
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Additional Information |
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Financial advisor, Lead manager and Underwriter |
ANB Invest |
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