Walaa's rump offering 431% oversubscribed

22/12/2024 Argaam
Logo ofWalaa Cooperative Insurance Co.

Logo of Walaa Cooperative Insurance Co.


Walaa Cooperative Insurance Co. announced that the rump offering was 431% oversubscribed, according to a statement to Tadawul today, Dec. 22.

 

Offering Details

Number of Shares Sold

4.03 mln shares

Total Rump Offering Proceeds

SAR 68.49 mln

Coverage Ratio (%)

431%

Average Price/Share Sold

SAR 16.99/share

Net Compensation for Holders of Rights & Fractional Shares

SAR 24.15 mln

Date of Depositing Shares into Shareholders Accounts

Dec. 25, 2024

 
 

The company will receive the aggregate offer price collected from the rump offering, while the proceeds exceeding the offer price, if any, will be distributed to those entitled to them not later than Jan. 2, 2025.

 

Subscription to the rights issue ended on Dec. 12, according to Argaam's data.

 

During the subscription period, which began on Dec. 2, the company offered 42.5 million shares at SAR 11 each, totaling SAR 467.5 million, to increase capital by 49.97% from SAR 850.58 million to SAR 1275.58 million.

 

The subscription coverage reached 90.51 % of the total offered shares, with 38.47 million out of 42.50 million new shares subscribed at a value of SAR 423.16 million.

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