Al Alamiya Insurance approves SAR 200 mln capital raise through rights issue

07/01/2015 Argaam

Al Alamiya for Cooperative Insurance Company’s general assembly on Wednesday approved a capital raise from SAR 200 million to SAR 400 million through a rights issue.
 

Capital raise details

SAR 200 mln

Current capital

20 mln shares

Number of shares

100%

Capital raise (%)

SAR 400 mln

New capital

40 mln shares

# of Shares after raise

Through a rights issue

Capital raise method

 

Rights issue details

20 mln shares

Number of rights shares

SAR 10/ share

Rights issue price per share

SAR 200 mln

Riaghts issue value

Jan. 6, 2015

Record date

From Jan. 13 to Jan. 27, 2015

Rights Issue Period

From Jan. 13 to Jan. 22 for the shareholders

First rights issue period

From Jan. 25 to Jan. 27—

All rights holders, whether registered shareholders or investors who bought rights during the first period, rights trading is not allowed during this period

Second rights issue period

One right for every share

Rights issued for every share

Maintain the minimum required solvency margin and support the company’s future activities.

IPO proceeds use

 

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