Gulf Union Alahlia issues prospectus for SAR 229.5 mln rights issue

Logo of Gulf Union Alahlia Cooperative Insurance Co.

Gulf Union Alahlia Cooperative Insurance Co. announced the prospectus for its capital increase through a rights issue offering of SAR 229.5 million.

The capital will be increased to SAR 458.95 million, through offering 22.95 million rights issue shares at a nominal value of SAR 10 each.

The capital hike is aimed to support the company’s future plans, enhance solvency margin and boost investment income.

Earlier this month, the Capital Market Authority (CMA) approved the insurer’s application to increase capital through SAR 229.5 million rights issue, as per Argaam data.

Capital Increase Details
Current capital	SAR 229.50 mln
Number of shares	22.95 mln shares
Capital increase %	100%
Capital after increase	SAR 458.95 mln
Number of shares after increase	45.90 mln shares

Rights Issue Details
Number of offered shares	22.95 mln shares
Offering price per share	SAR 10
Size of issue	SAR 229.47 mln
Eligibility coefficient	Nearly one right for every share held
Record date	Shareholders of record by the end of trading on the second day following the EGM date
Rights issue proceeds	Increasing statutory deposit	SAR 34.42 mln
	Investment	SAR 189.05 mln
	Offering fees and costs	SAR 6.00 mln

For More IPOs

Rights Issue Prospectus

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