Gulf General’s rights issue coverage exceeds 72%

Coverage percentage reaching 72.39%

  
Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

Saudi men inspect a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

REUTERS/Ahmed Yosri
Riyadh – Mubasher: A total of 21.71 million shares out of 30 million offered shares were subscribed during Gulf General Cooperative Insurance Company’s rights issue.

The value of the subscribed shares amounted to SAR 217.16 million, with the coverage percentage reaching 72.39%, according to a bourse filing.

The 8.28 million remaining shares of the rights issue will be offered to institutional investors during the period from 27 to 28 July.

Gulf General’s shares subscription period started on 5 July, in a bid to raise the capital by SAR 300 million.

Source: Mubasher

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