Wataniya shareholders approve capital increase to SAR 400 via rights issue

14/04/2022 Argaam
Logo ofWataniya Insurance Co.

Logo of Wataniya Insurance Co.


Shareholders of Wataniya Insurance Co. approved the board of directors’ recommendation to increase capital to SAR 400 million from SAR 200 million through a SAR 200 million rights issue (one right per share), during the extraordinary general meeting (EGM) held on April 13, the company said in a statement to Tadawul.

 

The move aims to support the growth of the company's business and maintaining the solvency requirements imposed by the Saudi Central Bank (SAMA).

 

Capital Hike Details

Current Capital

SAR 200 mln

Number of Shares

20 mln

Capital Hike%

100%

Capital after Increase

SAR 400 mln

Number of Shares after Increase

40 mln

 

Rights Issue Details

Number of Shares Offered

20 mln shares

Offering Price Per Share

SAR 10

Size of Issue

SAR 200 mln

Eligibility Ratio

April 13, 2022

Record Date

Shareholders of record by the close of trading on the second day following the EGM date

Rights Issue Proceeds

Financial investments

SAR 150 mln

General works

SAR 24 mln

Increasing statutory deposit

SAR 20 mln

Estimated offering costs

SAR 6 mln

 

In a separate statement, The Saudi Exchange (Tadawul) said the fluctuation limit today, April 14, for Wataniya will be based on a share price of SAR 20.48. Accordingly, the outstanding orders will be canceled. 

 

The rights shares will be deposited into the applicable investor’s portfolios on April 18.

 

For More IPOs

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.