Salama Cooperative Insurance clarifies the results of underwriting new shares.

Salama Cooperative Insurance Company announced on Monday to the Saudi Stock Exchange about the results of the trading of subscription rights and the offering of new shares, as well as details regarding the sale of the unsubscribed shares.

In this regard, Salama reported that a total of 8,686,075 shares were subscribed from the newly offered total of 10,000,000 shares, amounting to 86,860,750 Saudi riyals, with a coverage ratio of 86.86% of the total newly offered shares.

Regarding the mechanism for offering the remaining new shares, Salama Cooperative Insurance clarified that the remaining shares will be offered to a number of investment institutions, which are expected to submit bids to purchase the remaining shares.

Salama Cooperative Insurance added that the remaining shares will be allocated to investment institutions with the highest bid and then to lower ones, provided that the bids are not less than the offering price, with the remaining shares allocated proportionately to institutions offering the same price.

In the event that not all of the remaining shares are subscribed, it is scheduled for the underwriter, Al-Awlak Capital, to subscribe to the remaining offering shares at the offering price.

At the close of trading on the Saudi Exchange on Monday, Salama Cooperative Insurance's share (TADAWUL: 8050) jumped by 4.26%, closing at the level of 18.1 Saudi riyals.