Logo of Salama Cooperative Insurance Co.
Salama Cooperative Insurance Co. said the period of its rights issue trading and subscription to the new shares will begin on Dec. 17, according to a statement to Tadawul.
Rights trading will end on Dec. 24, while subscription to new shares will close on Dec. 29.
Rights holders are allowed to exercise their right to subscribe to new shares (wholly or partly) up to the number of rights issues available in their portfolios. Trading in rights and subscriptions to new shares for registered shareholders and new investors will be in accordance with the prospectus.
The unsubscribed and fractional shares, if any, will be offered to institutional investors, according to the prospectus. Alawwal Capital will underwrite the rights issue if the entire subscription is not fully covered, the statement added.
Investors not willing to subscribe must sell their rights during the specified trading period to avoid the decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription.
Salama shareholders recently approved the board’s recommendation to increase capital by SAR 100 million rights issue (one share for every two existing shares).
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Capital Increase Details |
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Current capital |
SAR 200 mln |
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Current Number of shares |
20 mln |
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Capital increase (%) |
50% |
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Capital after increase |
SAR 300 mln |
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Number of shares after increase |
30 mln |
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Reason |
Fulfilling the minimum requirements of the Insurance Authority |
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Record Date |
Dec. 11, 2024, for those registered with Edaa on the second trading day following the general meeting date. |
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Rights Issue Details |
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Offered Shares |
10 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 100 mln |
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Eligibility ratio |
Each shareholder will be granted one rights for every two shares held |
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Rights Issue Proceeds |
Banks Deposits |
SAR 87.5 mln |
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Deposit Increase |
SAR 7.5 mln |
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Offering fees and costs |
SAR 5 mln |
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