First phase of Wataniya rights issue ends today

18/08/2016 Argaam

The first phase of Wataniya Insurance Co.’s SAR 100 million rights issue will end today, the Saudi Stock Exchange (Tadawul) said in a statement on Thursday.

 

The insurer is offering 10 million shares at SAR 10 per share to double its capital to SAR 200 million.

 

During the first stage, registered shareholders can subscribe to new shares as per the number of rights deposited in their portfolios after the general assembly.

 

Proceeds generated from the rights issue will be used to finance the restructuring of some business segments and boost Wataniya’s statutory deposit.

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