Riyadh-Mubasher: MetLife AIG ANB Cooperative Insurance will commence the first phase of its rights issue on Tuesday, through which a total of 17.5 million shares will be offered at SAR 10 each.
The subscription will run until 10 March, according to a press release received by Mubasher.
Shareholders of record are entitled to exercise their rights to the new offered shares within the limits of priority rights deposited in their portfolios after the extraordinary general meeting. They also have the right to sell their priority rights.
The second phase will run from 13-15 March.
The company seeks to offer quality insurance products, in line with the international standards, said Chairman Ramzi Abukhadra, noting that MetLife aims to become one of the leading providers of cooperative insurance services through offering products fulfilling customers’ needs.
Earlier, shareholders approved increasing capital to SAR 350 million from SAR 175 million.
The capital increase aims to boost the company’s financial solvency margin.
The stock closed Sunday 0.72% lower at SAR 41.1.
