Wafa says remaining rights issue shares 242.4% oversubscribed

Saudi Indian Company for Cooperative Insurance’s (Wafaa) said its remaining rights issue shares were 242.4 percent oversubscribed by the end of the second phase, according to a statement issued by the company.

A total of 4.77 million shares were sold to institutional investors at a price of SAR 15.3 per share during the rights issue, which took place from April 26 to April 28. 

The proceeds generated from the sale of remaining and fractional shares amounted to SAR 47.7 million. Meanwhile, net compensation to fractional shareholders and priority rights holders amounted to SAR 25.4 million riyals.

FALCOM Financial Services Co., the insurer’s financial adviser and underwriter, said the latest round marked the final phase of the process.

According to data available on Argaam, 5.73 million shares were sold during the first and second phases, worth a total of SAR 57.3 million, achieving coverage of 54.59 percent.

Last month, Wafa approved a 105 percent capital raise from SAR 100 million to SAR 205 million through a rights issue.

IPO