United Cooperative Assurance Company (UCA) issued a prospectus for its plan to raise its capital from SAR 280 million to SAR 490 million through a rights issue.
The insurer plans to offer 21 million shares at SAR 10 per share.
UCA added that only investors registered on the date of the assembly will be eligible for subscription.
The Capital Market Authority (CMA) approved in December the company’s request to raise its capital by SAR 210 million through a rights issue, according to data compiled by Argaam.
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Capital Raise Details |
|
|
SAR 280 mln |
Current Capital |
|
28 mln |
Current number of shares |
|
75 % |
Percentage of the increase |
|
SAR 490 mln |
Resulting capital |
|
Rights Issue Details |
|
|
21 mln |
Number of shares |
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SAR 10 |
Price per share |
|
SAR 210 mln |
Size of issue |
|
Extraordinary General Assembly Day |
Record date |
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-SAR 5.3 mln expenses -Future expansions and to maintain required solvency margin |
Use of proceeds |
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Other details |
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|
Alistithmar Capital |
Lead manager and lead underwriter |
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BMG Capital |
Financial advisor |
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SAMBA, NCB, RIBL, SIBC |
Receiving Banks |
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