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Al Alamiya for Cooperative Insurance Co. said the extraordinary general meeting approved the board’s recommendation on increasing capital by 100% through a rights issue from SAR 200 million (20 million shares) to SAR 400 million (40 million shares).
The company said registered shareholders and the public shall be able to subscribe during the period from Tuesday, Jan. 13, 2015 until the close of trading on Tuesday, Jan. 27, 2015. Subscription shall be done in two phases:
a) First subscription period starts on Tuesday, Jan. 13, 2015 and shall continue until the end of the day of Thursday, Jan. 22, 2015. During that period, only registered shareholders shall be entitled to exercise their rights to subscription (in whole or in part) in the new shares within the limits of the number of rights that have been deposited in their portfolio after the extraordinary meeting held on Jan. 6, 2014. Subscription shall only be approved for a number of new shares based on the number of the rights existing in the portfolio at the end of the trading period. The first subscription period shall coincide with the trading period during which registered shareholders and public may trade their rights.
b) Second subscription period starts on Sunday, Jan. 25, 2014 and continues until the end of the day of Tuesday, Jan. 27, 2015. During this period, all holders of rights, whether registered shareholders or persons who purchased rights during the trading period coinciding with the first subscription period shall be allowed to exercise their right to subscribe to the new shares. Trading of rights during this phase is not possible.
If unsubscribed shares remain following the first and second subscription periods, the remaining shares will be subscribed to through the rump offering as described in the prospectus.
Second: The eligibility ratio is one right for each shareholder, who holds one share registered in the company share register maintained by Tadawul as at the close of trading on the day of the extraordinary meeting approving the company capital increase.
Third: The offer price is SAR 10 per share.
Fourth: Shareholders, who do not wish to subscribe to the new shares, may sell their allocation of rights during the trading period mentioned above to avoid a decrease in the value of their investment portfolios due to not benefiting from their rights by selling or subscribing.
Photo Credit: Arabianeye-Reuters
The company said registered shareholders and the public shall be able to subscribe during the period from Tuesday, Jan. 13, 2015 until the close of trading on Tuesday, Jan. 27, 2015. Subscription shall be done in two phases:
a) First subscription period starts on Tuesday, Jan. 13, 2015 and shall continue until the end of the day of Thursday, Jan. 22, 2015. During that period, only registered shareholders shall be entitled to exercise their rights to subscription (in whole or in part) in the new shares within the limits of the number of rights that have been deposited in their portfolio after the extraordinary meeting held on Jan. 6, 2014. Subscription shall only be approved for a number of new shares based on the number of the rights existing in the portfolio at the end of the trading period. The first subscription period shall coincide with the trading period during which registered shareholders and public may trade their rights.
b) Second subscription period starts on Sunday, Jan. 25, 2014 and continues until the end of the day of Tuesday, Jan. 27, 2015. During this period, all holders of rights, whether registered shareholders or persons who purchased rights during the trading period coinciding with the first subscription period shall be allowed to exercise their right to subscribe to the new shares. Trading of rights during this phase is not possible.
If unsubscribed shares remain following the first and second subscription periods, the remaining shares will be subscribed to through the rump offering as described in the prospectus.
Second: The eligibility ratio is one right for each shareholder, who holds one share registered in the company share register maintained by Tadawul as at the close of trading on the day of the extraordinary meeting approving the company capital increase.
Third: The offer price is SAR 10 per share.
Fourth: Shareholders, who do not wish to subscribe to the new shares, may sell their allocation of rights during the trading period mentioned above to avoid a decrease in the value of their investment portfolios due to not benefiting from their rights by selling or subscribing.
Photo Credit: Arabianeye-Reuters
Source:
Mubasher
