Logo of Gulf Union Alahlia Cooperative Insurance Co.
Gulf Union Alahlia Cooperative Insurance Co. will launch today, May 9 its rights issue and subscription to new shares to raise capital by 100% from SAR 229.5 million to SAR 458.95 million.
The rights trading period will end on May 16, while the subscription to new shares will close on May 19.
The company will offer 22.95 million shares, at SAR 10 each, granting each registered shareholder one right for every share held.
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Capital Increase Highlights |
|
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Current capital |
SAR 229.50 mln |
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Number of shares |
22.95 mln shares |
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Increase percentage |
100% |
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Capital after increase |
SAR 458.95 mln |
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Number of shares after increase |
45.90 mln shares |
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Rights Issue Highlights |
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Number of offered shares |
22.95 mln shares |
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Offer price |
SAR 10 |
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Issue size |
SAR 229.5 mln |
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Eligibility coefficient |
Nearly one right for every share held |
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Record date |
April 20, 2022 |
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Reason for capital increase |
Supporting the company’s future plans, and strengthening its solvency and investment income |
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Method of capital increase |
Offering of 22.95 million rights issue shares worth SAR 229.5 mln |
Rights holders are allowed to exercise their right to subscribe in new shares, in full or in part, up to the number of rights available in their portfolios. Rights trading and subscription to new shares for registered shareholders and new investors will be as per the prospectus.
In case of rump shares, the remaining shares and fractional shares will be offered to institutional investors, in accordance with the prospectus.
The financial advisor, lead manager and underwriter – Yaqeen Capital – will underwrite the rights of Gulf Union Alahlia in the event that the entire subscription is not fully covered.
Investors not willing to subscribe must sell the right issues they hold during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights.
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