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‎Al Sagr Insurance issues prospectus for SAR 160M rights issue

June 4, 2024
in Business
‎Al Sagr Insurance issues prospectus for SAR 160M rights issue
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Al Sagr Insurance issues prospectus for SAR 160M rights issue

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

Tags: ‎Albusinessinsurance
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