Al Alamiya for Cooperative Insurance Co. said that the first phase of its rights issue, which began on January 13 through January 22, saw the subscription to 15.4 million shares worth SAR 154 million, with subscription ratio of 77.19%.

Meanwhile, the second phase of the rights issue, which began on January 25 through January 27, saw a total of 4 million shares subscribed at a total value of SAR 41 million, with 20.64% subscription ratio.

Accordingly, a total of 19.5 million shares were subscribed to in the two phases, at a total value of SAR 195.6 million, representing coverage ratio of 97.83%.

The company added that the remaining shares will be re-offered starting Sunday, February 1 for institutional investors.

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