Logo of Arabia Insurance Cooperative Co. (AICC)
Arabia Insurance Cooperative Co. (AICC) announced today, Dec. 8, the results of its right issuance and new shares subscription, as well as the details of the rump offering, as follows:
|
Offering Details |
|
|
Number of Offered Shares |
26.50 mln |
|
Number of Subscribed Shares |
17.13 mln |
|
Value of Subscribed Shares |
SAR 171.32 mln |
|
Coverage Ratio (%) |
64.65% |
|
Number of Rump Shares |
9.37 mln |
|
Date of Re-Offering Rump Shares |
Dec. 12-13, 2022 |
Rump shares will be offered at a minimum of the offering price to a number of institutional investors, who shall submit purchase offers to for these shares, according to a Tadawul statement.
the owill be allocated to institutional investors with the highest t Theyproportionally among those that have but will be allotted ,bid lowesttendered offers at the same price.
If institutional investors do not subscribe to all of the rump shares, the remaining unsubscribed shares will be allocated to the underwriter, Al Rajhi Capital, who will subscribe to them at the offer price.
The insurer’s rights trading period started on Nov. 27 and ended on Dec. 4. It came to increase its capital from SAR 265 million to SAR 530 million.
Subscription to new shares, which also started Nov. 27, continued until Dec. 7.
Priority rights dropped 64% to SAR 0.27 each on Dec. 4.
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