Saudi Enaya’s rights issue 77.8% subscribed
30/12/2018
Argaam
Saudi Enaya Cooperative Insurance Co. said its rights issue was 77.8 percent subscribed, as investors pumped SAR 155.58 million into 15.558 million shares, the company said in a bourse filing.
The remaining 4.442 million shares will be reoffered on a pro rata basis to institutional investors on Jan. 1-2, 2019.
Enaya began its rights issue on Monday, Dec. 17, to raise capital to SAR 300 million from SAR 100 million.
The insurer offered 20 million shares at SAR 10 each; and shareholders of record, owning one outstanding share were entitled to subscribe to two shares.
The offering aimed to improve the company's solvency margin and support its financial position.
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