Arabia Insurance Cooperative to close second phase of rights issue

27/04/2015 Argaam
Arabia Insurance Cooperative Co. (AICC) will close the second phase of its rights issue on Tuesday, the Saudi-based insurer said in a bourse statement.
 
The company started the process on April 26, allowing shareholders of record to subscribe to new shares.
 
Results from the first and second rounds will be revealed over the coming days, it added.
 
The remaining shares will be re-offered to institutional investors, at a minimum price matching the offering price. Shares will be allotted pro-rata; while fraction entitlements are set to be added to the remaining shares to be sold on May 3 at 10 a.m. Saudi time until the following day at 10 a.m.
 
IPO

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