Logo of Arabia Insurance Cooperative Co.
Arabia Insurance Cooperative Co. (AICC) rights trading period ends today, Dec. 4.
Rights trading period started on Nov. 27, to increase the company’s capital from SAR 265 million to SAR 530 million.
Subscription to new shares, which also started Nov. 27, will continue until Dec. 7.
Rights holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios.
|
Details of Capital Increase |
|
|
Current Capital |
SAR 265 mln |
|
Current Number of Shares |
26.5 mln |
|
Percentage of Increase |
100% |
|
New Capital |
SAR 530 mln |
|
Number of Shares |
53 mln |
|
Rights Issue Highlights |
|
|
Number of Offered Shares |
26.5 mln |
|
Offering Price per Share |
SAR 10 |
|
Issue Size |
SAR 265 mln |
|
Eligibility Ratio |
One right for every share |
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Record Date |
Nov. 20, 2022 (Shareholders of record by the close of the second trading day following the EGM date) |
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Use of Proceeds |
Financial investments (SAR 223.5 mln) |
|
Statutory deposit increase (SAR 26.5 mln) |
|
|
Offering costs (SAR 15 mln) |
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