Allianz Saudi Fransi Cooperative Insurance Co.’s (Allianz SF) shareholders are set to vote on a capital hike from SAR 200 million to SAR 600 million through a rights issue, during the extraordinary general assembly meeting that will be held on June 16, 2020, the company said in a bourse statement.

 

In March, the Capital Market Authority (CMA) approved Allianz SF’s request to increase capital by SAR 400 million through a rights issue, according to data compiled by Argaam.
 

Key Figures of the Capital Hike

Current capital

SAR 200 mln

Number of shares

20 mln shares

Hike (%)

200%

New capital

SAR 600 mln

New shares

60 mln shares

Rights Issue Details

Number of rights issue shares

40 mln shares

Issue price

SAR 10/share

Issue size

SAR 400 mln

Record date

Same day of the extraordinary general assembly meeting

Rights coefficient

Each shareholder is entitled to 2 right issue shares for each share held

Start of right issue trading and subscription period

To be announced later

End of rights issue trading

To be announced later

End of trading new shares subscription period

To be announced later

Use of Proceeds

To support business expansions while maintaining solvency margin required by SAMA. Proceed will also go towards financing the increase in the statutory deposit required by SAMA.

Additional Information

Financial advisor, Lead manager and Underwriter

ANB Invest

 

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