Mubasher TV
Contact Us Advertising   العربية

Walaa Insurance rights issue covered 81.5%

Walaa Insurance rights issue covered 81.5%
Photo Archive
WALAA
8060
69.48% 29.15 11.95

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.