Arabia Insurance Cooperative Co. (AICC) launched on Tuesday the first round of its rights issue that is scheduled to last until April 23.
The insurer is offering 20 million shares at SAR 10 per share to raise its capital from SAR 200 million to SAR 400 million.
During this stage, registered shareholders can subscribe to new shares.
The company said it will dedicate SAR 8 million for fees, while the remaining proceeds will be used to boost its solvency margin.
Rights are also tradable by shareholders or investors during this stage.
|
Price Limits |
|
|
SAR 13.85 |
Closing price per share |
|
± 10% |
Share’s price change |
|
± SAR 1.35 (15.20-12.50) |
Daily price limit per share |
|
SAR 10 |
Offering price |
|
SAR 3.85 |
Indicated value at closing |
|
Capital Increase Details |
|
|
SAR 200 mln |
Current capital |
|
20 mln |
Current shares |
|
100% |
Percentage of increase |
|
SAR 400 mln |
Resulting capital |
|
Other Details |
|
|
Aljazira Capital |
Financial advisor, lead manager, and lead underwriter |
|
BJAZ-SAMBA-NCB-RIBL-ANB |
Receiving banks |
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