Riyadh – Mubasher: Wataniya Insurance announced that its rights issue was subscribed by 93.69% in the first and second stages.

The company said that 9.37 million shares were subscribed at a value of SAR 93.69 million in both tranches, according to a bourse filing on Thursday.

The first tranche in the subscription process started on 9 August and ended on 18 August, where 7.83 million shares were sold at a value of SAR 78.34 million. The rights issue at this stage was 78.34% subscribed.

The second stage of subscription started on 21 August and lasted till 23 August, where 1.54 million shares were sold at a value of SAR 15.35 million. The rights issue at this stage was 15.35% subscribed.

The company said that the undersubscribed shares will be offered at the minimum price to a number of institutional investors, starting from 28 August at 10:00am till the following day at 10:00am.

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.