MetLife AIG ANB Cooperative Insurance Co. announces the developments regarding the use of proceeds from the rights issue shares subscription

METLIFE AIG ANB 8011 -2.83% 14.78 -0.43

MetLife AIG ANB Cooperative Insurance Co. announces the developments regarding the use of proceeds from the rights issue shares subscription which was held during 01-03-2016 to 27-03-2016 as following:
1.Actual used for proceeds from the rights issue shares subscription until end of the period compared with what was declared in rights issue prospectus :1.Actual used for proceeds from the rights issue shares subscription until 30-09-2017 compared with what was declared in rights issue prospectus:

a. The total proceeds from the capital increase amounted to SR 175,000,000.
b. The total direct and indirect costs related to the capital increase amounted to SR 4,246,204.
c. The net proceeds from the capital increase amounted to SR 170,753,796.
d. The amount of SR 17,500,000 has been added to the statutory deposit to align the statutory deposit with the capital increase.
e. The remaining of SR 153,253,796 has been used to fulfill the solvency margin requirements and have been invested fully in time deposits with local banks and long term investment in sukuk as well.
2.Deviations in actual used for proceeds compared with what was declared in rights issue prospectus :
a. A difference of SR 1,753,796 in the costs related to the capital increase. The estimated amount of the costs related to the capital increase in the prospectus was SR 6,000,000. The reason of this difference is due to the actual final costs being lower than what was initially estimated. The amount has been invested in short term deposit with local banks.

b. The estimated amount of short and long -term investments was SR 100,000,000 and SR 51,500,000 respectively while the amount of actual investments up to 30-09-2014 as follows:
Amount of SR 108,475,734 in long term investment in Sukuk and long- term deposits.
Amount of SR 44,778,062 in short term deposit with local banks.

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