Al Sagr shareholders approve capital hike via SAR 160M rights issue

27/06/2024 Argaam
Logo ofAl Sagr Cooperative Insurance Co.

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co.’s shareholders approved increasing capital via a SAR 160 million rights issue during the extraordinary general meeting (EGM) on June 26, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 140 mln

Current Number of Shares

14 mln

New Capital

SAR 300 mln

New No. of Shares

30 mln

Increase Percentage

114.29%
 

Rights Issue Details

Offered Shares

16 mln

Offer Price

SAR 10

Issue Size

SAR 160 mln

Eligibility Ratio

Each listed shareholder shall have the right to subscribe to 1.1429 rights per share held

Offering Proceeds (SAR mln)

Increase statutory deposit

9

Invest in debt instruments

50

Increase bank deposits

79

Replace insurance/financial operations technical system

15

Estimated offering expenses

7

Total

160
 

Additional Information

Financial Advisor and Underwriter

Albilad Capital
 

Shareholders also approved the board’s recommendation to withhold dividends for 2023.

 

The Saudi Exchange (Tadawul) announced that fluctuation limits will be based on a share price of SAR 18.26 and the outstanding orders will be canceled. Edaa will deposit the shares into investor portfolios by Monday, July 1.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.