Walaa rights issue ends Thursday, second phase to start May 17

14/05/2015 Argaam

Saudi United Cooperative Insurance Co. (Walaa) will close the first phase of its rights issue today, a process which began on May 5.

 

The Saudi insurer issued 20 million shares at SAR 12 each in an effort to increase its capital from SAR 200 million to SAR 400 million.

 

The remaining shares will be reoffered during the second round which is set to be held May 17 – 19, according to its statement to Tadawul.

 

Rights holders are entitled to subscribe to the new shares; however, shareholders and investors are not allowed to trade rights during this stage.

 

IPO

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