Buruj discloses use of IPO proceeds

Buruj Cooperative Insurance Co. said the net proceeds of its SAR120 million initial public offering amounted to SAR 115.2 million after deducting 4.77 million for direct and indirect expenses related to the IPO that took place April 7 to 21 this year.

In a statement to Tadawul, the company said SAR 12 million was used to increase the statutory deposit commensurate with the capital increase.

Buruj said the remaining SAR 103.23 million was invested in the following manner so as to meet the solvency margin requirements: SAR 60 million was deposited in a local bank, SAR 10 million was invested in local funds, and SAR 33.23 million was placed in a current account in a local bank.