Subscription period for Salama’s rights shares ends today
Subscription period for Salama’s rights shares ends today
Logo ofSalama Cooperative Insurance Co. Salama Cooperative Insurance Co.’s rightssubscription period ends today, Dec. 29. The subscription period started on Dec. 17 to increase the company’s capital by 50% from SAR 200 million to SAR 300 million. Salama offered 10 million ordinary shares at SAR 10 apiece, through a right issue worth SAR 100 million. For More IPOs The rights trading period ended on Dec. 24. Capital Increase Details Current capital SAR 200 mln Currentnumber of shares 20 mln Capital increase (%) 50% Capital after increase SAR 300 mln Number of shares after increase 30 mln Rights Issue Details Offered Shares 10 mln Offer Price SAR 10 Issue Size SAR 100 mln EligibilityRatio Each shareholder will begranted one rightfor every two shares held Record Date Dec. 11, 2024 (Shareholders registered with Edaaby the close of trading on the second dayfollowing the general meeting date) Trading Period Dec. 17-24 SubscriptionPeriod Dec. 17-29 Reason Support the insurer’s future plans, enhance financial solvency margin, boost statutory reserve, and fulfill the requirements of capital Rights Issue Proceeds Banks Deposits SAR 87.5 mln Deposit Increase SAR 7.5 mln Offering Fees SAR 5 mln Additional Information Financial Advisor, Lead Manager Underwriter Alawwal Capital Co-Underwriter Al-Nefaie Investment
