Allianz Saudi Fransi Cooperative Insurance Co. (Allianz SF) said that the subscription to new shares and rights trading will start on June 22, 2020.

 

Rights trading will end on June 29, while the subscription to new shares will close on July 2, the company said in a bourse statement on Thursday.

 

Rights holders are entitled to subscribe to the new shares wholly or partially on a pro rata basis. Remaining shares will be reoffered to institutional investors.

 

In case of under subscription, the lead manager and underwriter, ANB Invest, will subscribe to these rights.

 

On June 16, Allianz SF shareholders approved the board of directors’ recommendation to increase the company’s capital from SAR 200 million to SAR 600 million through a rights issue, Argaam reported.

 

Key Figures of the Capital Hike

Current capital

SAR 200 mln

Number of shares

20 mln shares

Hike (%)

200%

New capital

SAR 600 mln

New shares

60 mln shares

Rights Issue Details

Number of rights issue shares

40.0 mln shares

Issue price

SAR 10/share

Issue size

SAR 400 mln

Record date

(June 16, shareholders of record on June 18)

Rights coefficient

Each shareholder is entitled to 2 rights for every share held

Start of right issue trading and subscription period

June 22

End of rights issue trading

June 29

End of trading new shares subscription period

July 2

Use of Proceeds

To support business expansions, while maintaining the solvency margin required by SAMA. Proceeds will also go towards financing the increase in the statutory deposit required by SAMA.

Additional Information

Financial advisor, Lead manager and Underwriter

ANB Invest


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