Sunday, Aug 30, 2009
RIYADH (Zawya Dow Jones)--Saudi's Islamic insurer SABB Takaful (8080.SA) said Sunday its 300 million Saudi riyals ($80 million) rights issue was oversubscribed.
The insurer, an affiliate of HSBC Holdings PLC, said 96.5% of its investors subscribed to the offer and would receive 12 shares for every 5 they already own, according to a statement on the Saudi bourse Web site.
The rights issue was priced at a nominal value of SAR10, plus a premium of SAR2.5 per share, a considerable discount to its current price.
SABB Takaful shares closed down 2.9% Sunday at SAR47 in a broadly lower market.
-By Mohammed Aly Sergie, Dow Jones Newswires; +966 55 622 1334; mohammed.sergie@dowjones.com
Copyright (c) 2009 Dow Jones & Co.
(END) Dow Jones Newswires
30-08-09 1329GMT
