Logo of Al Sagr Cooperative Insurance Co.
Al Sagr Cooperative Insurance Co. announced the prospectus for its capital increase through a SAR 160 million rights offering.
The capital increase aims to meet minimum requirements, support future plans, and strengthen financial solvency.
For More IPOs
The company will use offering proceeds to increase regulatory deposits, invest in debt instruments, increase bank deposits, and replace the technical system for insurance and financial operations.
The company’s shareholders will vote on the board’s recommendation to increase capital through a SAR 160 million rights offering, during the extraordinary general meeting (EGM) to be held on June 26.
The Capital Market Authority (CMA) approved last April the request received from the company to increase capital through a rights issue, as per Argaam’s data.
Capital Increase Details
Current Capital
SAR 140 mln
Current Number of Shares
14 mln
New Capital
SAR 300 mln
New Number of Shares
30 mln
Percentage Increase
114.29%
Rights Issue Details
Offered Shares
16 mln
Offer Price
SAR 10
Issue Size
SAR 160 mln
Eligibility Ratio
Each listed shareholder shall have the right to subscribe to 1.1429 rights per share held
Offering Proceeds (SAR mln)
Increase regulatory deposit
9
Invest in debt instruments
50
Increase bank deposits
79
Replace insurance/financial operations technical system
15
Estimated offering expenses
7
Total
160
Additional Information
Financial Advisor and Underwriter
Albilad Capital
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1732971
