Alinma Tokio Marine wraps up second phase of right issue

The second phase of Alinma Tokio Marine’s rights issue ends on Tuesday, while any remaining shares will be re-offered to institutional investors on August 30 at 10am until the same time on the following day.

Registered shareholders and investors who purchased priority rights are eligible to subscribe to new shares in the second round. Rights are not tradable during this phase.

The company is aiming to raise its capital to SAR 450 million from SAR 200 million. A total of 25 million shares were offered at SAR 10 per share to shareholders registered in the company’s books by August 4.

On August 5, the company said it would allocate SAR 4 million to cover costs associated with the offering and use the remaining proceeds to boost its solvency margin and finance future expansions, according to a report published by Argaam.