The decision was made at an extraordinary general meeting on Sunday at the company’s headquarters in Riyadh, where shareholders agreed that shares would be offered to existing shareholders at SR12.5 per share.
The rights issue will represent an increase of 100 percent in shares from 10 million to 20 million. The Capital Market Authority has approved the period of distribution as per its regulations.
“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,” said Yousef Al-Hamdan, chairman of Allianz Saudi Fransi.
The offer is open to all shareholders who registered with Allianz Saudi Fransi by close of trade on April 3.
Eligible shareholders may submit their applications through any branch of the five receiving banks, which include Banque Saudi Fransi (BSF), Samba Financial Group, SABB, The National Commercial Bank, and Riyad Bank.
The prospectus for the rights issue is available on the websites of the Capital Market Authority (www.cma.org.sa) and Allianz Saudi Fransi (www.allianzsf.com).
