Edaa deposits Salama subscribed securities for rights issue

Logo of Salama Cooperative Insurance Co.

The Securities Depository Center Co. (Edaa) announced the deposit of Salama Cooperative Insurance Co. subscribed securities for the rights issue into the accounts of eligible shareholders today, Jan. 9, according to a Tadawul statement.

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The company offered 10 million ordinary shares at SAR 10 each, through a SAR 100 million rights issue that resulted in a 50% capital hike from SAR 200 million to SAR 300 million, according to Argaam data.

The subscription coverage reached 86.86% of the total offered shares, with 8.67 million new shares subscribed at a total of SAR 86.86 million.

The rump offering was 612% oversubscribed.