Walaa Cooperative Insurance Company announced on Sunday, December 15, the results of its rights offering subscription and the trading of subscription rights. The company reported that 38.4 million new shares were subscribed for out of a total of 42.5 million shares, achieving a coverage ratio of 90.51%.
According to the company’s statement on “Tadawul,” the remaining shares will be offered to institutional investors, who can submit purchase offers for the unclaimed shares. Allocation will begin with the highest offer, followed by the next highest, and so on, provided the offers are not below the offering price.
If multiple investors submit offers at the same price, the shares will be allocated proportionally among them. In the event that institutional investors do not fully subscribe to the remaining shares, the underwriter, Al-Jazeera Financial Markets Company, will purchase the remaining shares at the offering price.
This process is expected to ensure full allocation of the offered shares while maximizing returns for the rights offering.
