Gulf Union Al Ahlia: Start of trading period of rights issue rights, subscription to new shares

Gulf Union Al Ahlia Cooperative Insurance Company announced on Thursday the specification of the period for rights issue trading and new shares subscription.

It added that the Right issues and new shares subscription period start date is 09.05.2022.The Right issues trading period end date is 16.05.2022. New shares subscription period end date is 19.05.2022.

It also added that holders of right Issues are allowed to exercise their right to subscribe in new shares (in full or in part) up to the number of right issues available in their portfolios, trading in right issues and subscription to new shares for registered shareholders and new investors shall be as per the prospectus.

It explained with regard to the details of the remaining offering, the company alert the investors that in the event that shares remain unsubscribed, those remaining shares and fractional shares (if any) will be offered to institutional investors according to what is mentioned in the prospectus, as will the financial advisor, lead manager and underwriter Yaqeen Capital shall undertake to underwrite the rights issue of Gulf Union Al Ahlia Cooperative Insurance Company in the event that the entire subscription is not fully covered.

Attention of Investors not willing to subscribe is drawn to the importance of selling the right issues they hold during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription.

Eligible shareholders are those holding shares on the day of convening the Extra-Ordinary General Assembly that has been hold on Wednesday 20.04.2022.