Malath’s remaining shares after rights issue sold for SAR 89 mln

Malath Cooperative Insurance Co.’s total revenue after selling 7,680,764 shares at an average price of SAR 11.59 per share, came out to around SAR 89 million, the insurer said in a statement to Tadawul on Sunday.

Rights issue holders’ net amount of compensations reaches about SAR 12.3 million. The shares will be deposited into the shareholders’ accounts by the end of Nov. 6, the statement added.

In September, Malath’s extra ordinary general assembly had approved raising the company’s capital by 316.7 percent to SAR 500 million from SAR 120 million through a rights issue of SAR 380 million, Argaam reported earlier.