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.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}