Arabia Insurance Cooperative Co. (AICC) launched on Tuesday the first round of its rights issue that is scheduled to last until April 23.

The insurer is offering 20 million shares at SAR 10 per share to raise its capital from SAR 200 million to SAR 400 million.

 

During this stage, registered shareholders can subscribe to new shares.

 

The company said it will dedicate SAR 8 million for fees, while the remaining proceeds will be used to boost its solvency margin.

 

Rights are also tradable by shareholders or investors during this stage.

 

Price Limits

SAR 13.85

Closing price per share

± 10%

Share’s price change

± SAR 1.35 (15.20-12.50)

Daily price limit per share

SAR 10

Offering price

SAR 3.85

Indicated value at closing
 

Capital Increase Details

SAR 200 mln

Current capital

20 mln

Current shares

100%

Percentage of increase

SAR 400 mln

Resulting capital

Other Details

Aljazira Capital

Financial advisor, lead manager, and lead underwriter

BJAZ-SAMBA-NCB-RIBL-ANB

Receiving banks

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