AXA Insurance rights issue 28.3% subscribed by third day

AXA Cooperative Insurance Company’s rights issue was 28.3 percent subscribed by the end of its third day, according to Saudi Fransi Capital, the financial advisor and lead manager of the offering.

The insurer is selling 25 million shares at SAR 10 per share during the first phase to increase its capital from SAR 200 million to SAR 450 million.

Open to registered shareholders, the first stage started on Feb. 10 and will last until Feb. 26, according to data compiled by Argaam.