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Salama rights issue 751% oversubscribed in last phase

Salama rights issue 751% oversubscribed in last phase
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SALAMA
8050
-1.29% 34.30 -0.45

Riyadh-Mubasher: The last phase in Salama Cooperative Insurance rights issue was 751% oversubscribed, said NCB Capital, the financial advisor, lead manager and underwriter.

This phase saw subscription to 1.19 million shares (the remaining and fractional shares) at a total value of SAR 17.2 million, the insurer said in a bourse statement. 

The average sale price reached SAR 14.46 per share.

Salama added that 13.81 million shares were bought at a total value of SAR 138.1 million during the first and second phases of its rights issue, with a coverage ratio of 92%.