AXA Cooperative Insurance Company launched on Tuesday the first stage of its rights issue to raise its capital from SAR 200 million to SAR 450 million.

The company is offering 25 million shares during the first stage at SAR 10 per share for shareholders that were listed on the company’s registry by Feb. 10.

The first stage, which is set to last until Feb. 26, allows shareholders to trade their priority subscriptions.

The insurer said it plans to use proceeds to enhance its solvency margin and support the growth of the company’s future activities.

 

AXA Price Limits

SAR 24.76

Closing price per share

± 10%

Share’s price deviation percentage

± SAR 2.45 (27.20-22.25)

Daily price limit per share

--

Right closing price

SAR 10

IPO price

SAR 14.76

Indicated right value at closing
 

Capital Raise Details

SAR 200 mln

Current Capital

20 mln

Current number of shares

125%

Percentage of the increase

SAR 450 mln

Resulting capital

45 mln

Number of shares after increase

Rights Issue Details

25 mln

Number of shares

SAR 10

Price per share

SAR 250 mln

Size of issue

February 10, 2015

Record date

1.25 right of every one share (125%)

Subscription right portion

Other details

Saudi Fransi Capital

 Lead manager, lead underwriter, and financial advisor

 SAMBA, NCB, RIBL, Saudi Fransi, Arab National

Receiving Banks
 

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