Logo of Salama Cooperative Insurance Co.
Salama Cooperative Insurance Co. starts today, Nov. 9, the subscription to new shares and rights trading to increase its capital from SAR 100 million to SAR 200 million.
Rights trading will end on Nov. 16, while subscription to the new shares will close on Nov. 21.
The company plans to offer 10 million shares at a nominal value of SAR 10 each to increase capital by 100%. Each shareholder will be granted one right for each share held.
|
Capital Increase Details |
|
|
Current capital |
SAR 100 mln |
|
Current number of shares |
10 mln |
|
Capital increase (%) |
100% |
|
Capital after increase |
SAR 200 mln |
|
Number of shares after increase |
20 mln |
|
Rights Issue Details |
||
|
Offered shares |
10 mln |
|
|
Offer price |
SAR 10 |
|
|
Issue size |
SAR 100 mln |
|
|
Rights subscription |
Nov. 9-21, 2023 |
|
|
Rights trading |
Nov. 9-16, 2023 |
|
|
Reason |
Supporting future plans and boosting solvency margin. |
|
|
Record date |
Nov. 5, 2023 |
|
|
Eligibility ratio |
Each shareholder will be granted one right for every share held |
|
|
Rights issue proceeds |
Deposits |
SAR 58.7 mln |
|
Bonds & Sukuk |
30 mln |
|
|
Offering fees and costs |
SAR 11.3 mln |
|
|
Total |
SAR 100 mln |
|
Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios. Rights trading and subscription to new shares for registered shareholders and new investors will be as per the prospectus.
Unsubscribed shares, if any, will be offered to institutional investors, according to the prospectus. The underwriter will underwrite the rights if the subscription process is not fully covered.
Investors not willing to subscribe must sell the rights during the specified trading period to avoid any decline in the value of their investment portfolios as a result of not selling or subscribing, the insurer said.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}