Buruj Cooperative Insurance launched on Tuesday the first round of its rights issue, which will continue until April 16 to raise the insurer’s capital from SAR 130 million to SAR 250 million.
A total of 12 million shares will be offered at SAR 10 per share to shareholders who were on record by April 1.
Such shareholders will be entitled to subscribe wholly or partially to the new shares up to the rights deposited with their portfolios by April 1, the general assembly meeting date.
Rights could also be traded by shareholders or investors in this phase.
Buruj will dedicate SAR 5 million for fees, while the remaining proceeds will be used to boost its solvency margin.
|
Price Limits |
|
|
SAR 31.79 |
Closing price per share |
|
± 10% |
Share’s price deviation percentage |
|
± SAR 3.15 (34.90-28.80) |
Daily price limit per share |
|
SAR 10 |
Offering price |
|
SAR 21.79 |
Indicated value at closing |
|
Capital Increase Details |
|
|
SAR 130 mln |
Current capital |
|
13 mln |
Current shares |
|
92.3% |
Percentage of increase |
|
SAR 250 mln |
Resulting capital |
|
25 mln |
New number of shares |
|
The Rights Issue |
|
|
12 mln |
Number of new shares |
|
SAR 10 |
Price per share (new) |
|
SAR 120 mln |
Size of issue |
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April 2015 |
Record date |
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Other Details |
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|
Falcom |
Financial advisor, lead manager, and lead underwriter |
|
Falcom, NCB, RIBL, Saudi Fransi, SAMBA |
Receiving banks |
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