Logo of Salama Cooperative Insurance Co.
Salama Cooperative Insurance Co. announced that the rump offering of its latest rights issue was 612% oversubscribed, according to a statement to Tadawul today, Jan. 7.
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Details |
|
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Number of Shares Sold |
1.31 mln |
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Total Rump Offering Proceeds |
SAR 23.17 mln |
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Coverage Ratio (%) |
612% |
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Average Price/Share Sold |
SAR 17.63 |
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Net Compensation for Holders of Rights & Fractional Shares |
SAR 10.03 mln |
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Date of Depositing Shares into Shareholders Accounts |
Jan. 9, 2025 |
All rump shares, totaling 1.31 million, were sold out, it added.
Subscription to the rights issue ended on Dec. 29, 2024, according to Argaam's data.
During the subscription period, which began on Dec. 17, 2024, the company floated 10 million ordinary shares at SAR 10 each, through a SAR 100 million rights issue that resulted in a 50% capital hike from SAR 200 million to SAR 300 million.
The subscription coverage reached 86.86% of the total offered shares, with 8.67 million new shares subscribed at a total of SAR 86.86 million.
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