Gulf Union Alahlia to refund SAR 74,600 to rights holders of unsubscribed shares

Gulf Union Alahlia Cooperative Insurance Co. will pay SAR 74,600 in refund to the rights holders who did not subscribe to new shares, starting today, June 9, according to a bourse filing.

The company will deposit the amount in the bank accounts of eligible rights holders who did not subscribe to new shares and are entitled to fractional shares.

In May, Gulf Union Alahlia offered 22.95 million rights shares at SAR 10 each at a total value of SAR 229.5 million to raise its capital from SAR 229.5 million to SAR 458.95 million.

The rights offering was 27.24% subscribed, as investors subscribed to 6.25 million out of 22.95 million shares. The rump offering was 100% covered.