Amana to pay compensation for unsubscribed rights issue shares

Amana Cooperative Insurance Co. said it will distribute on Sunday, March 3, an amount of SAR 5.899 million, representing compensation for unsubscribed shares.

The amount will be paid to eligible shareholders who did not exercise their rights to subscribe to new shares during the company’s rights issue, the company said in a bourse statement.

The insurer offered 10 million shares at SAR 10 each to raise its capital to SAR 240 million from SAR 140 million, according to data compiled by Argaam.