Al Alamiya launches rights issue

Al Alamiya for Cooperative Insurance Company launched its rights issue on Monday, which is set to last until Jan. 22, 2015.

Al Alamiya will raise its capital from SAR 200 million to SAR 400 million through the issuance of 20 million rights issue shares at SAR 10 per share for registered shareholders.

Eligibility is for shareholders listed in the company’s register at the end of the extraordinary general assembly meeting approving the capital raise, which was held on Jan. 6.

Al Alamiya’s Price Limits
SAR 75.38	Closing price per share
± 10%	Share’s price fluctuation ratio
± SAR 7.50 (67.75-82.75)	Daily price limit per share
--	Right closing price
SAR 10	Issuance price
SAR 65.38	Indicated right value at closing

The company said the rights issue proceeds will be used to maintain its minimum required solvency margin.

Capital raise details
SAR 200 mln		Current capital
20 mln shares		Number of shares
100%		Capital raise percentage
SAR 400 mln		New capital
Rights issue details
20 mln shares		Number of right shares
SAR 10		Issuance price per share
SAR 200 mln		Issuance value
January 6, 2015		Record date
-Issuance fees SAR 10 mln. -Maintain the minimum required solvency margin		Use of proceeds
Additional Information
GIB Capital	Financial advisor, lead manager and lead underwriter
NCB – SABB – SAMBA	Receiving Banks

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