Al Alamiya for Cooperative Insurance Company launched its rights issue on Monday, which is set to last until Jan. 22, 2015.
Al Alamiya will raise its capital from SAR 200 million to SAR 400 million through the issuance of 20 million rights issue shares at SAR 10 per share for registered shareholders.
Eligibility is for shareholders listed in the company’s register at the end of the extraordinary general assembly meeting approving the capital raise, which was held on Jan. 6.
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Al Alamiya’s Price Limits |
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SAR 75.38 |
Closing price per share |
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± 10% |
Share’s price fluctuation ratio |
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± SAR 7.50 (67.75-82.75) |
Daily price limit per share |
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-- |
Right closing price |
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SAR 10 |
Issuance price |
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SAR 65.38 |
Indicated right value at closing |
The company said the rights issue proceeds will be used to maintain its minimum required solvency margin.
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Capital raise details |
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SAR 200 mln |
Current capital |
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20 mln shares |
Number of shares |
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100% |
Capital raise percentage |
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SAR 400 mln |
New capital |
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Rights issue details |
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20 mln shares |
Number of right shares |
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SAR 10 |
Issuance price per share |
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SAR 200 mln |
Issuance value |
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January 6, 2015 |
Record date |
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-Issuance fees SAR 10 mln. -Maintain the minimum required solvency margin |
Use of proceeds |
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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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