Riyadh - The CEO of Al Rajhi Capital Company, Gaurav Shah, announced that the subscription of JODC rights witnessed a strong demand from shareholders and that the final coverage percentage exceeded 125%.
The CMA approved the allocation of offered shares whereby 164,145,292 eligible shares of the total 258,000,000 offered shares were subscribed for by the entitled shareholders, representing a coverage percentage of 64%.
The entitled shares have been allocated as 1 new share for each 2.60233 shares owned on the entitlement date for the eligible subscribed shareholders. The number of eligible shares which were not subscribed for by the entitled shareholders was 93,854,708 shares representing 36% of the total offered shares. These additional shares have been allocated to all shareholders who subscribed at SR 14.45 & 12.95 fully, while the remaining additional shares have been allocated to the shareholders who subscribed at SR 11.50 in accordance with their ownership on the entitlement date. No allocation of any additional shares has been made to shareholders who subscribed for additional shares at SR 10.
The over subscription amounts have been refunded to shareholders last Tuesday 26 Rajab 1432H (28 June 2011). The compensation amount, arising as a result of the subscription in the additional shares will be paid to unsubscribed eligible shareholders by no later than 26/8/1432H, corresponding to 27/7/2011.
Gaurav Shah expressed his appreciation for the trust that the Jabal Omar Development Company put in Al Rajhi Capital as a Financial Advisor, Lead Manager and Lead underwriter for its Rights Issue. He also thanked the CMA, TADAWUL, Co-underwriters and the receiving banks for their valuable contributions to the successful execution of this transaction.
-Ends-
About Al Rajhi Capital:
Al Rajhi Capital Company is the independent, wholly owned investment subsidiary of Al Rajhi Bank, the world's largest Islamic bank and the largest commercial bank in the GCC region in terms of market capitalization.
Headquartered in Riyadh, Al Rajhi Capital is a Limited Liability company organized and existing under the laws and regulations of Saudi Arabia and operates under the Authorized Persons Regulations with license number 07068-37 granted by the Capital Market Authority and provides securities-related services, including brokerage, asset management and investment banking. All businesses of Al Rajhi Capital are subject to distinct regulatory requirements; certain products and services may not be available in all jurisdictions or to all client types.
Al Rajhi Capital:
Marketing & PR
Yasser AlMashhadi
+966 1 211 9454
almashhadiya@alrajhi-capital.com
© Press Release 2011
