Al Alamiya for Cooperative insurance Company announced the prospectus of its SAR 200m capital raise through a rights issue at SAR 10 per share.
The rights will be issued to registered shareholders at the extraordinary general assembly’s day; the company indicated in the prospectus.
It added that the rights will be deposited into investors’ portfolios within two days from the record date.
According to data compiled by Argaam; Al Alamiya insurance announced in November receiving the CMA’s approval for a capital raise of SAR 200m through a rights issue.
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Capital raise details |
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SAR 200 mn |
Current capital |
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20 mn shares |
Number of shares |
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100% |
Capital raise (%) |
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SAR 400 mn |
New capital |
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Rights issue details |
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20 mn shares |
Number of IPO shares |
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SAR 10/ share |
IPO price per share |
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SAR 200 mn |
IPO value |
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Not determined |
Record date |
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-SAR 10 mn issuance fees. -Maintain the minimum required solvency margin. |
IPO proceeds use |
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Additional Information |
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GIB Capital |
Financial advisor, lead manager and lead underwriter |
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NCB, SABB, SAMBA |
Receiving Banks |
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