Salama issues rights offering prospectus

Logo of Salama Cooperative Insurance Co.

Salama Cooperative Insurance Co. issued a prospectus to increase capital through a SAR 100 million rights offering.

 

The company will offer 10 million shares at SAR 10 each, to double its capital to SAR 200 million.

 

Last week, the Capital Market Authority (CMA) approved Salama’s application to raise its capital through a rights issue.

 

Capital Hike Highlights

Current Capital

SAR 100 mln

Number of Shares

10 mln

Percentage Increase

100%

New Capital

SAR 200 mln

Number of Shares

20 mln
 

Rights Issue Highlights

Offered shares

10 mln

Offer price

SAR 10

Size of issue

SAR 100 mln

Eligibility ratio

One right for every share held

  Record date

Shareholders of record by the close of trading on the general assembly date (Aug. 27)

Rights offering proceeds

Bank deposits

SAR 58.7 mln

Bonds and sukuk

SAR 30 mln

Offering costs

SAR 11.3 mln

 

Total

SAR 100 mln
 

Additional Information

Financial Advisor, Lead Manager and Underwriter

Alawwal Capital
 
 
Rights Issue Prospectus

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