Buruj Insurance launches SAR 120 mln rights issue

Buruj Cooperative Insurance launched on Tuesday the first round of its rights issue, which will continue until April 16 to raise the insurer’s capital from SAR 130 million to SAR 250 million.

A total of 12 million shares will be offered at SAR 10 per share to shareholders who were on record by April 1.

Such shareholders will be entitled to subscribe wholly or partially to the new shares up to the rights deposited with their portfolios by April 1, the general assembly meeting date.

Rights could also be traded by shareholders or investors in this phase.

Buruj will dedicate SAR 5 million for fees, while the remaining proceeds will be used to boost its solvency margin.

Price Limits
SAR 31.79	Closing price per share
± 10%	Share’s price deviation percentage
± SAR 3.15 (34.90-28.80)	Daily price limit per share
SAR 10	Offering price
SAR 21.79	Indicated value at closing

Capital Increase Details
SAR 130 mln	Current capital
13 mln	Current shares
92.3%	Percentage of increase
SAR 250 mln	Resulting capital
25 mln	New number of shares
The Rights Issue
12 mln	Number of new shares
SAR 10	Price per share (new)
SAR 120 mln	Size of issue
April 2015	Record date
Other Details
Falcom	Financial advisor, lead manager, and lead underwriter
Falcom, NCB, RIBL, Saudi Fransi, SAMBA	Receiving banks

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