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Arabia Insurance issues prospectus for SAR 265 mln rights issue
AI Summary
Logo of Arabia Insurance
Arabia Insurance Cooperative Co. (AICC) issued the prospectus for its SAR 265 million rights issue.
The company’s capital will be increased to SAR 530 million by offering 26.5 million shares at a nominal value of SAR 10 each.
On Sept. 5, the Capital Market Authority (CMA) approved the company's request for the capital increase. An extraordinary general assembly meeting will be held on Nov. 9 to vote on the capital hike.
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Capital Hike Details |
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Current Capital |
SAR 265 mln |
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Number of shares |
26.5 mln |
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Capital hike% |
100% |
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Capital after increase |
SAR 530 mln |
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Number of shares after increase |
53 mln shares |
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Rights Issue Details |
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Number of rights shares |
26.5 mln |
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Offering price per share |
SAR 10 |
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Eligibility Ratio |
One share per each existing share |
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Record date |
Shareholders owning shares by the end of trading on the date of the extraordinary general assembly meeting |
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Rights issue proceeds |
Financial investments |
SAR 233.5 mln |
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Increasing statutory reserve |
SAR 26.5 mln |
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Offering cost |
SAR 5 mln |
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