Amana rights trading, new shares subscription to begin tomorrow

Logo of Amana Cooperative Insurance Co.

Amana Cooperative Insurance Co.’s subscription to new shares and rights trading will begin tomorrow, June 6, according to a bourse filing.

The rights trading will close on June 13, while the subscription to the new shares will end on June 16.

Rightsholders can exercise their right to subscribe to new shares (in full or part) up to the number of shares available in their portfolios. The rights trading and subscription to new shares for registered shareholders and new investors will be as per the prospectus.

The unsubscribed shares, if any, will be offered to institutional investors.

AlKhair Capital, the offering financial advisor, lead manager and underwriter, will underwrite the rights issue if the entire subscription is not fully covered.

Amana shareholders approved increasing capital through a SAR 300 million rights issue, during the extraordinary general meeting (EGM) held on May 29, according to Argaam.

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