The Saudi Indian Company for Cooperative Insurance (Wafa) issued the prospectus for its SAR 105 million capital raise through a rights issue.
 

The company will raise its capital from SAR 100 million to SAR 205 million through the issuance of 10.5 million shares at SAR 10 per share.


Eligibility will be available to registered shareholders on the general assembly meeting day, according to the prospectus.


In November, Saudi Arabia’s Capital Market Authority (CMA) approved Wafa’s request to raise its capital by SAR 105 million through a rights issue.


Wafa has invited its shareholders to attend its extraordinary general assembly meeting on Jan. 13, 2015 to discuss the matter, according to data compiled by Argaam.
 

Capital Raise Details

SAR 100 mln

Current capital

10 mln shares

Number of shares

105%

Capital raise percentage

SAR 205 mln

New capital
 

Rights Issue Details

10.5 mln shares

Number of right shares

SAR 10/share

Issuance price per share

SAR 105 mln

Issuance value

January 13, 2015

Record date

SAR 5 mln issuance fees.

Use of proceeds

Maintain the minimum required solvency margin
 

Additional Information

Falcom

Financial advisor, lead manager and lead underwriter

Falcom- Al Rajhi- RIBL- SAMBA- SABB

Receiving Banks

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