Riyadh-Mubasher: MetLife AIG ANB Cooperative Insurance said Thursday its rights issue was 94.64% covered as it saw subscription to 16.56 million shares in two phases, at a value reaching SAR 165.6 million.

Phase one saw subscription by 78.77% with bid received for 13.78 million shares, a total value of SAR 137.85 million, while bids were made for 2.78 million shares in the second phase, at a value reaching SAR 27.77 million, with 15.87% subscription.

The company’s general meeting earlier approved increasing capital to SAR 350 million from SAR 175 million.

The top-up, which aims to boost the company’s financial solvency margin, is effected through offering 17.5 million shares at SAR 10 each.