The rights issue of AXA Cooperative Insurance was 30.8% covered until the end of the sixth day, said Saudi Fransi Capital, the subscription financial advisor, lead manager and underwriter.   

Fransi Capital said the subscription is likely to evoke an overwhelming response in the next days, thanks to investor confidence in the company’s potential growth and the Kingdom’s promising insurance market.

The receiving entities started to receive the subscription applications from retail investors as of Tuesday, February 17.

The first phase will continue until Thursday, February 26 at SAR 10 per share.

The second phase will run from Sunday, March 1 until Tuesday, March 3.