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Riyadh – Mubasher: Saudi United Cooperative Insurance (Walaa Insurance) announced that its rights issue has been covered by 81.5% in two phases, according to a bourse filing posted Thursday.
A total of 16.3 million shares were subscribed to, at a total value of SAR 195.6 million.
The first phase was covered by 28.9% after a total of 5.79 million shares were subscribed to, at a value reaching SAR 69.46 million.
Meanwhile, the second phase witnessed subscription to 10.51 million shares at SAR 126.14 million, with 52.6% coverage, said Al-Jazira Capital, the financial advisor, lead manager and underwriter.
It added that the remaining secondary shares will be re-offered to institutions from 24-25 May.