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.

 

Key Figures of the Capital Hike

Current Capital

SAR 140 mln

Number of shares

14 mln shares

Hike (%)

71.4%

New Capital

SAR 240 mln

Rights Issue Details

Number of rights issue shares

SAR 10 mln

Issue price

SAR 10/ share

Issue size

SAR 100 mln

Record date

Jan. 28 (shareholders registered in the Security Depository Center on Jan. 30)

Rights issue offering period

Feb. 4 to Feb. 11

Rights issue subscription period

Feb. 4 to Feb. 14

Use of Proceeds

To support the company’s financial position through raising required solvency margin, finance SAMA required increase in the statutory deposit, and support business development and future growth.

Additional Information

Financial advisor Underwriter, lead manager

NCBC

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