Al Rajhi Takaful launches SAR 400 mln rights issue

Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) launched its rights issue on Tuesday and will continue to March 26.

The insurer is offering 20 million shares at SAR 10 per share to raise its capital from SAR 200 million to SAR 400 million.

During this stage, registered shareholders can subscribe to new shares.

The company said it will dedicate SAR 5 million for fees, while remaining proceeds will be used to boost its solvency margin and finance expansions.

Rights could also be traded by shareholders or investors during this stage.

Price Limits
SAR 29.07	Closing price per share
± 10%	Share’s price deviation percentage
± SAR 1.60 (30.50-28.90)	Daily price limit per share
SAR 10	Offering price
SAR 19.07	Indicated value at closing

Capital Increase Details
SAR 200 mln	Current capital
20 mln	Current shares
100%	Percentage of increase
SAR 400 mln	Resulting capital
40 mln	New number of shares
The Rights Issue
20 mln	Number of new shares
SAR 10	Price per share (new)
SAR 200 mln	Size of issue
March 10, 2015	Record date
Other Details
Al Dakheel Group	Financial advisor
Saudi Hollandi Capital	Lead manager
Al-Rajhi Capital	Lead underwriter
Al Rajhi, Saudi Fransi, RIBL	Receiving banks

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