Saudi Arabia-based AXA Cooperative Insurance Company approved on Tuesday a SAR 250 million capital raise through rights issue.

AXA plans to use proceeds to enhance its solvency margin and support its future growth activities.

The first phase of the offering will last from Feb. 17 throughout Feb. 26, and is open only to registered shareholders.

The second phase, which will be held from March 1 to March 3, is available for all rights issue shareholders whether registered or buyers.

The kingdom’s market regulator, the Capital Market Authority (CMA) approved in November the insurer’s capital raise, according to data compiled by Argaam.

 

Capital Raise Details

SAR 200 mln

Current capital

20 mln shares

Number of shares

125%

Capital raise percentage

SAR 450 mln

New capital

45 mln shares

Number of Shares after raise

February 10, 2015

Subscription date
 

Rights Issue

25 mln

Number of new shares

SAR 10 per share

IPO Price per share

SAR 250 million

IPO Size

Feb. 10

Record date
 

 

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