AXA Cooperative insurance announced the prospectus of its SAR 250m capital raise through a rights issue at SAR 10 per share.
The rights will be issued to registered shareholders at the extraordinary general assembly’s day; the company indicated in the prospectus.
It added that 1.25 rights for each outstanding share will be deposited into investors’ portfolios within two days from the record date.
According to data compiled by Argaam; AXA insurance announced in November receiving the CMA’s approval for a capital raise of SAR 250m through a rights issue.
The company invited the extraordinary GA to be held on February 10th, 2015 to mull the capital raise.
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Capital raise details |
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SAR 200 mn |
Current capital |
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20 mn shares |
Number of shares |
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125% |
Capital raise (%) |
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SAR 450 mn |
New capital |
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Rights issue details |
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25 mn shares |
Number of right shares |
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SAR 10 per share |
IPO price per share |
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SAR 250 mn |
IPO value |
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February 10, 2015 |
Record date |
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-SAR 10 mn issuance fees. -maintain sufficient solvency margin and legal reserve to support future growth plans. -Develop company’s current operations. -SAR 50 mn allocated for financing part of insurance portfolio deal. |
IPO proceeds use |
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Additional Information |
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Saudi Fransi Capital |
Financial advisor and lead manager |
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Saudi Fransi Capital |
Lead underwriter |
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NCB, Arab National, Saudi Fransi, RIBL, SAMBA |
Receiving Banks |
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