Wataniya Insurance Company Announces Receiving a Letters from two of the Substantial Shareholders
| Element List | Explanation |
|---|---|
| Announcement Detail | Wataniya Insurance Company announces that it has received a letter (by e-mail) from E.A. Juffali and Brothers, and SNIC Insurance Company, stating the following:
1) Execute an Off-Market trading Transaction where SNIC Insurance Company sells 5,500,000 shares with a percentage of 13.75% from Wataniya’s Capital, to E.A. Juffali and Brothers at (SR. 10 per share), with Total Value of the transaction of SR. 55,000,000 only, as per their Agreement, and the No objection of the Saudi Central Bank (SAMA) on the Agreement.
2) After the completion of the transaction, SNIC Insurance Company shares ownership to be diluted in Wataniya Insurance Company, from 10,000,000 shares with percentage of 25% to become 4,500,000 shares with percentage of 11.25% in Wataniya Insurance Company.
3) After the completion of the transaction, E A Juffali & Brothers shares ownership, to increase from 6,450,000 shares with percentage of 16.125% to become 11,950,000 shares with percentage of 29.875% in Wataniya Insurance Company. |
Comments