TECO announces coverage rate at 85.96% of priority rights subscription

Tourism Enterprise Company (TECO) announced on Thursday the results of rights issue trading and new shares subscription, and the details of selling unsubscribed shares.
It added that the value of the subscribed shares is SR451,848,220. The coverage percentage out of the total newly offered shares (%) is 85.96 %.
It also added that Rump shares will be offered at a minimum of the offering price to a number of institutional investors, and such institutional investors shall submit offers to purchase the rump shares.
The rump shares will be allocated to the institutional investors with the highest bid, then the lowest and the lowest. The shares will be allocated proportionately to the institutional investors submitting the same offer.
In the event that institutional investors have not subscribed in all the rump shares, the remaining will be allocated to the underwriter who will buy them at the offering price.
The rump offering period for the unsubscribed shares amounting to 7,382,108 shares, shall start on Sunday 11/12/2022 and continue until Monday 12/12/2022.