Saudi Enaya Cooperative Insurance Co.’s rights trading period will end today, Dec. 24, the insurer said in a bourse statement

 

Enaya began its rights issue on Monday, Dec. 17, to raise capital to SAR 300 million from SAR 100 million.

 

The subscription period will run until Thursday, Dec. 27.

 

Enaya offered 20 million shares at SAR 10 each; and shareholders of record, owning one outstanding share are entitled to subscribe to two shares.

 

Rights holders are entitled to fully or partially subscribe to new shares pro rata, the statement added.

 

Details of the Capital Hike

Current capital

SAR 100 mln

Number of shares

10 mln shares

Capital hike percentage

200%

New capital

SAR 300 mln

Details of the Rights Issue

Number of shares

20 mln

Rights issue price

SAR 10/share

Rights issue size

SAR 200 mln

Record date

Dec. 12, 2018

Trading & subscription period

The rights issue began on Monday, Dec. 17 and will run to Dec. 27. The rights were tradable as of Monday, Dec. 17 until Dec. 24

Use of proceeds

To improve the company's solvency margin and support financial position 

Additional Information

Financial advisor, lead manager and underwriter

Aljazira Capital

 

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