AI Summary
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).
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Capital Hike Details |
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Current Capital |
SAR 200 mln |
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Number of Shares |
20 mln |
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Capital Hike% |
100% |
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Capital after Increase |
SAR 400 mln |
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Number of Shares after Increase |
40 mln |
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Rights Issue Details |
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Number of Shares Offered |
20 mln shares |
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Offering Price Per Share |
SAR 10 |
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Size of Issue |
SAR 200 mln |
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Eligibility Ratio |
April 13, 2022 |
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Record Date |
Shareholders of record by the close of trading on the second day following the EGM date |
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Rights Issue Proceeds |
Financial investments |
SAR 150 mln |
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General works |
SAR 24 mln |
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Increasing statutory deposit |
SAR 20 mln |
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Estimated offering costs |
SAR 6 mln |
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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.
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