Saudi Enaya issues prospectus for SAR 150M rights offering

Logo of Saudi Enaya Cooperative Insurance Co.

Saudi Enaya Cooperative Insurance Co. announced the prospectus for its capital increase through a SAR 150 million rights offering.

The company aims through the capital hike process to adhere to the minimum required capital of insurance companies and to support its future plans and financial solvency margin.

It intends to use the rights issue proceeds in bonds, sukuk, bank deposits and mutual funds, in addition to the statutory deposit, which represents 15% of the increase in paid-in capital.

For More IPOs

The Capital Market Authority (CMA) approved last month the request received from the company to increase capital through a rights issue, as per Argaam's data.

Capital Hike Details
Capital	SAR 230 mln
Number of Shares	23 mln
Increase value	SAR 150 mln
New Capital	SAR 380 mln
Number of Shares after Increase	38 mln
Capital increase (%)	65.2%
Share Par Value	SAR 10

Rights Issue Details
Offered shares	15 mln
Offer Price	SAR 10
Issue Size	SAR 150 mln
Eligibility Ratio	Each listed shareholder shall have the right to subscribe to 0.65217 shares per each owned share.
Rights issue proceeds	Bonds and sukuk	90.0
	Statutory deposit (15% of the increase in paid-in capital)	22.50
	Bank deposits	14.00
	Mutual funds	10.50
	Offering costs	13.00
	Total	150.00

Additional Information
Financial Advisor and Underwriter	Wasatah Capital
Lead Manager	Musharaka Capital

Rights Issue Prospectus

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