Alinma Tokio Marine Company (ATMC) will launch on Tuesday, Aug. 11 the first stage of its rights issue, which will continue till Thursday, Aug. 20, the company said in a statement.
The process aims to raise the insurer’s capital from SAR 200 million to SAR 450 million.
During the first stage, only registered shareholders are allowed to subscribe based on the number of rights deposited in their portfolios. The second stage will be held from Sunday, Aug. 23 to Tuesday, Aug. 25; rights are not tradeable during this stage.
ATMC will dedicate SAR 4 million for fees, while the rest of the proceeds will be used to boost its solvency margin and finance future expansions.
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Alinma Tokio Marine – 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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125% |
Capital raise (%) |
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SAR 450 mln |
New capital |
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Rights Issue Details |
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25 mln shares |
Number of right shares |
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SAR 10 per share |
IPO price per share |
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SAR 250 mln |
Size of issue |
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August 4, 2015 |
Record date |
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Additional Information |
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Saudi Kuwait Finance House |
Financial advisor |
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Alinma Investment |
Lead manager |
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Saudi Kuwait Finance House, Alinma Investment |
Lead Underwriter |
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Alinma, RIBL, Samba |
Receiving Banks |
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