Riyadh – Mubasher: The Saudi Stock Exchange (Tadawul) announced that the second stage of subscription of Wataniya Insurance's capital hike will end on Tuesday, 23 August.

The number of subscribed shares in the first and second tranches will be disclosed later, according to Arab National Bank Investment Co, the financial consultant and subscription manager.

The company added that in the event that any shares were undersubscribed, they will be offered at the minimum price to a number of institutional investors, starting from Sunday, 28 August at 10:00am till the following day at 10:00am.

The subscription’s bookrunners are Arab National Bank (ANB), National Commercial Bank (NCB), Riyad Bank and Saudi Hollandi Bank (SHB).

The first tranche in the subscription process started on 9 August and ended on 18 August for the registered shareholders at the end of trading on 31 July.

The company’s extraordinary general meeting (EGM) approved on 31 July doubling the company’s capital, to SAR 200 million from SAR 100 million, through selling 10 million rights issue shares at SAR10 per share.