Amana Cooperative Insurance Co.’s rights trading period will end today, Feb. 11, the insurer said in a bourse statement.
The subscription period will run until Thursday, Feb. 14.
Amana offered 10 million shares at SAR 10 each to raise its capital to SAR 240 million from SAR 140 million.
Rights holders are entitled to fully or partially subscribe to new shares pro rata, the statement added.
According to data compiled by Argaam, the Capital Market Authority (CMA) approved in November the increase of capital by SAR 100 million through rights issue.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 140 mln |
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Number of shares |
14 mln shares |
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Hike (%) |
71.4% |
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New Capital |
SAR 240 mln |
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Rights Issue Details |
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Number of rights issue shares |
SAR 10 mln |
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Issue price |
SAR 10/ share |
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Issue size |
SAR 100 mln |
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Record date |
Jan. 28, 2019 |
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Rights issue offering period |
Feb. 4-11,2019 |
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Rights issue subscription period |
Feb. 4-14,2019 |
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Use of Proceeds |
To support the company’s financial position through raising required solvency margin, finance SAMA required increase in the statutory deposit, support business development and future growth. |
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Additional Information |
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Financial advisor Underwriter, lead manager |
NCBC |
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