Walaa shareholders to vote on capital hike through rights issue on Nov. 26

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co.'s shareholders will vote on increasing capital through rights offering during the extraordinary general meeting (EGM), scheduled on Nov. 26, the company said in a statement to Tadawul.

 

Capital Hike Details

Current Capital

SAR 850.58 mln

Number of Shares

85.06 mln

New Capital

SAR 1275.58 mln

Number of Shares after Increase

127.558 mln

Capital Increase (%)

49.97% (Each listed shareholder shall have the right to subscribe to 0.4997 shares for every owned share.)

Record Date

Shareholders of record at the end of trading on the day of the EGM and those registered with Edaa at the end of the second trading day following the EGM
 

The company announced earlier today, Nov. 3, the prospectus for its capital increase through a SAR 467.5 million rights offering.

 

For More IPOs

 

The capital hike is aimed to support the company’s expansions in its activity and boost its solvency.

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