AXA Insurance rights issue 4.9% subscribed by end of first day

18/02/2015 Argaam

 

Saudi Fransi Capital the financial advisor, lead manager and underwriter of AXA Cooperative Insurance Company’s rights issue, said that the offering’s coverage ratio reached 4.9 percent by the end of its first day.

 

AXA is offering 25 million shares at SAR 10 per share during the first stage. The insurer plans to increase its capital from SAR 200 million to SAR 450 million for registered shareholders on Feb. 10.

 

The company launched the first stage on Tuesday, set to last until Feb. 26, according to data compiled by Argaam.

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