Arabia Insurance shareholders approve 100% capital hike via SAR 265 mln rights issue

Logo of Arabia Insurance Cooperative Co.

Arabia Insurance Cooperative Co.’s shareholders approved a capital increase by 100% through a SAR 265 million rights offering, during the extraordinary general meeting (EGM) held on Nov. 20, the company said in a statement to Tadawul. 

 

Capital Hike Highlights

Current Capital

SAR 265 mln

Number of Shares

26.5 mln

Capital Hike (%)

100%

Capital after Increase

SAR 530 mln

Number of Shares after Increase

53 mln
 

Rights Issue Highlights

Number of Shares

26.5 mln

Offering Price per Share

SAR 10

Issue Size

SAR 265 mln

Eligibility Ratio

One right for every share

Record Date

Nov. 20, 2022 (Shareholders of record by the close of the second trading day following the EGM date)

Use of Proceeds

Financial investments (SAR 223.5 mln)

Statutory deposit increase (SAR 26.5 mln)

Offering costs (SAR 15 mln)
 

In a separate statement, the Saudi Exchange (Tadawul) said that the company’s share fluctuation rate will be calculated today, Nov. 21, based on SAR 11.18 and existing orders are canceled.

 

It added that Arabia Insurance’s rights issue will be deposited to the shareholders’ portfolios by Nov. 23.

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