Amana Insurance launches rights issue today

Amana Cooperative Insurance Co. launched its rights issue today, Feb. 4 to Feb. 11, 2019, the company said in a bourse statement on Sunday.

Subscription to new shares will begin today, but will run through Thursday, Feb. 14.

Amana will offer 10 million shares at SAR 10 each to raise capital to SAR 240 million from SAR 140 million, by 71.43 percent.

The increase will be limited to the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the extraordinary general assembly meeting.

Rights holders may exercise their rights to subscribe (wholly or partially) for the new shares up to the number of rights deposited in their accounts.

The rights trading and subscription for the new shares will be based on the insurer’s prospectus.

Unsubscribed shares and fractional shares, if any, will be offered to institutional investors.