The Saudi Indian Company for Cooperative Insurance (Wafa) issued the prospectus for its SAR 105 million capital raise through a rights issue.
The company will raise its capital from SAR 100 million to SAR 205 million through the issuance of 10.5 million shares at SAR 10 per share.
Eligibility will be available to registered shareholders on the general assembly meeting day, according to the prospectus.
In November, Saudi Arabia’s Capital Market Authority (CMA) approved Wafa’s request to raise its capital by SAR 105 million through a rights issue.
Wafa has invited its shareholders to attend its extraordinary general assembly meeting on Jan. 13, 2015 to discuss the matter, according to data compiled by Argaam.
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Capital Raise Details |
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SAR 100 mln |
Current capital |
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10 mln shares |
Number of shares |
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105% |
Capital raise percentage |
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SAR 205 mln |
New capital |
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Rights Issue Details |
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10.5 mln shares |
Number of right shares |
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SAR 10/share |
Issuance price per share |
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SAR 105 mln |
Issuance value |
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January 13, 2015 |
Record date |
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SAR 5 mln issuance fees. |
Use of proceeds |
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Maintain the minimum required solvency margin |
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Additional Information |
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Falcom |
Financial advisor, lead manager and lead underwriter |
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Falcom- Al Rajhi- RIBL- SAMBA- SABB |
Receiving Banks |
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