Al Sagr Insurance: 608.7% Coverage Ratio for Remaining Offering and Allocation of Priority Rights Shares

Al Sagr Cooperative Insurance Company announced on Wednesday the results of the rump offering and the final allocation of Rights Issue shares. By the end of the rump offering period, the total bids amounted to an oversubscription of 608.7%, resulting in the full sale of 1,633,425 rump shares.

The total amount raised from the sale of unsubscribed shares amounted to SAR 31.9 million, with an average price of SAR 19.57 per share. Additionally, there were 13,443 fractional shares. The net compensation amount attributed to owners of priority rights and fractional shares totaled SAR 15.6 million.

According to the statement published on Tadawul, the shares will be deposited in shareholders’ accounts on July 25, 2024.

The company will receive the aggregate offer price collected from the rump offering. The remaining proceeds exceeding the offer price will be distributed to those entitled no later than Monday, 15-02-1446H, corresponding to 19-08-2024G.