Wafa rights issue 54.6% subscribed at second stage

Saudi Indian Company for Cooperative Insurance (Wafaa) said on Thursday that its rights issue was 54.59 percent subscribed by the end of its second stage.

Investors subscribed to 5.73 million shares during first and second stages raising SAR 57.3 million, the company said.

Falcom Financial Services, the lead manager and financial adviser of the offering is inviting investment firms to subscribe to remaining rights and fractional shares that weren't exercised within the first and second stages. This will take place on May 3-4.

Shares will then be allocated based on offers submitted by the firms; priority will be given to the highest offers, and pro-rata basis will be applied to equal offers.

The insurer issued 10.5 million rights issue shares at SAR 10 per share to raise its capital from SAR 100 million to SAR 205 million, according to data compiled by Argaam.