AICC rights issue 82.7% subscribed at second stage

Arabia Insurance Cooperative Company’s (AICC) rights issue was 82.7 percent subscribed by the end of its second stage.

Investors subscribed to 16.54 million shares during first and second stages raising SAR 165.4 million, the company said.

Al-Jazira Capital, the lead manager and financial adviser of the offering is inviting investment firms to subscribe to remaining rights and fractional shares that weren't exercised within the first and second stages. This will take place on May 3-4.

Shares will then be allocated based on offers submitted by the firms; priority will be given to the highest offers, and pro-rata basis will be applied to equal offers.

The insurer issued 20 million shares at SAR 10 per share to raise its capital from SAR 200 million to SAR 400 million, according to data compiled by Argaam.