Shareholders of Saudi Fransi Cooperative Insurance Company (Allianz Saudi Fransi) yesterday approved the issue of 10 million new shares through a rights issue.
The decision was made at an Extraordinary General Meeting (EGM) held yesterday at the company’s headquarters in Riyadh. The meeting also agreed that the shares would be offered to existing shareholders of the company at a price of SAR 12.5 per share.
The rights issue will represent an increase of 100% in shares from 10 million to 20 million.
The Capital Market Authority, in approving the rights issue, has set the period for subscriptions to the rights issue from 10th April 2010 until close of the market on 19th April 2010.
Mr Yousef Al-Hamdan, Chairman of Allianz Saudi Fransi said: “We are very pleased to announce the approval of the rights issue by the shareholders of the company, which will enable us to increase the company’s capital and drive the ambitious development plan of the company.”
The offer is open to all Allianz Saudi Fransi registered shareholders as of the close of trading on 3rd April 2010.
During the offering period, eligible shareholders may submit their applications to subscribe for rights issue shares through any branch of the five receiving banks, which are Banque Saudi Fransi (BSF), Samba Financial Group, SABB, The National Commercial Bank, and Riyad Bank.