Riyadh -Mubasher: Allianz Saudi Fransi Cooperative Insurance Company (Allianz SF) announced that a total of 37.5 million shares of the newly offered shares have been subscribed at a value of SAR 375.04 million.

The company’s rights issue was subscribed by 93.76%, according to a stock exchange statement on Sunday.

The remaining shares, totalling 2.495 million shares, will be reoffered to a number of institutional investors, where they will submit purchase offers. The remaining shares will be allocated to investment institutions on a pro-rata basis; with priority given to those offering higher prices, provided that the prices are not less than the offering price.

The remaining share amount, if any, will be purchased by the underwriter at the offering price.  

The reoffering process will take place from 7 to 8 July.