Riyadh – Mubasher: Amana Cooperative Insurance on Sunday announced that its new shares issued as part of its capital hike were 75.02% covered.

Around 7.5 million shares from a total of 10 million shares have already been subscribed into, the insurance firm said in a statement to the Saudi Stock Exchange (Tadawul), noting that the remaining 2.5 million shares will be offered to institutional investors.

Time remaining to subscribe in Amana’s rights issue shares will commence at 10 am Saudi time on Tuesday, 19 February and conclude at 5 pm Saudi time on Wednesday, 20 February, the firm highlighted.

On Thursday, Amana’s subscription period of its capital increase shares ended. The period had originally begun on Monday, 4 February.

Through its issuance, Amana Cooperative Insurance is looking to increase its capital by SAR 100 million to SAR 240 million from its current SAR 140 million.

By 10:31 am Saudi time, Amana Cooperative Insurance’s stock slipped 1.05% to SAR 17.