Saudi Indian Company for Cooperative Insurance (WAFA) said it approved on Thursday a 105 percent capital raise from SAR 100 million to SAR 205 million through a rights issue.

The insurer is offering 10.5 million shares at SAR 10 per share.

Proceeds will go towards enhancing its solvency margin, legal reserves, and to develop the company’s businesses.

Last November, Saudi Arabia’s market regulator, the Capital Market Authority (CMA) approved WAFA’s request to raise its capital through a rights issue, according to data compiled by Argaam.

 

Capital Raise Details

SAR 100 mln

Current Capital

10 mln

Current number of shares

105 %

Percentage of the increase

SAR 205 mln

Resulting capital

20.5 mln

Number of new shares

April 8, 2015

Record date
 

Rights issue details

10.5 mln

Number of right shares

SAR 10

Issuance price per share

SAR 105 mln

Size of issue

April 8, 2015

Record date

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