Allianz Saudi Fransi announces prospectus for SAR 400 mln capital hike

Allianz Saudi Fransi Cooperative Insurance Co. announced on Monday the publication of its rights issue prospectus.

The insurer plans to issue 40 million rights issue shares at SAR 10 per share to raise its capital to SAR 600 million from SAR 200 million.

In June 2018, Allianz Saudi Fransi’s board of directors recommended a capital hike through a SAR 400 million rights issue to support business expansions, according to data compiled by Argaam.

Key Figures of the Capital Hike
Current capital	SAR 200 mln
Number of shares	20 mln shares
Hike (%)	200%
New capital	SAR 600 mln
New shares	60 mln shares
Rights Issue Details
Number of rights issue shares	40.0 mln shares
Issue price	SAR 10/share
Issue size	SAR 400 mln
Record date	Same day of the extraordinary general assembly’s meeting
Rights coefficient	Each shareholder is entitled to 2 right issue shares for each share held
Start of right issue trading and subscription period	To be announced later
End of rights issue trading	To be announced later
End of trading new shares subscription period	To be announced later
Use of Proceeds	To support business expansions while maintaining solvency margin required by SAMA. Proceed will also go towards financing the increase in the statutory deposit required by SAMA.
Additional Information
Financial advisor, Lead manager and Underwriter	ANB Invest

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