Walaa Insurance: Rights Issue Trading and New Shares Subscription Start Tomorrow

Walaa Cooperative Insurance Co. announced on Sunday the beginning of the period for rights issue trading and new shares subscription starting tomorrow, Monday, until Dec. 12.

According to the Company, holders of rights are allowed to exercise their right to subscribe (in whole or in part) to the new shares within the limits of the number of rights in their portfolios, and that trading in rights and subscription to new shares will be in accordance with what is specified in the issuance prospectus for registered shareholders and new investors.

It indicated that if there are shares that have not been subscribed to after the end of the subscription period, those remaining shares and fractional shares (if any) will be offered to institutional investors as stated in the issuance prospectus, and the financial advisor, subscription manager and underwriter for the offering process, “Al-JAZIRA CAPITAL”, will undertake to cover the priority rights of Walaa Cooperative Insurance Company in the event that the entire subscription is not fully covered.