Saudi Arabia.. “Salama” stock rises 5.99%

The shares of Salama Cooperative Insurance Company, listed and traded in the Saudi market, “Tadawul,” rose by 5.99%, during midday trading on Monday, to trade at a price of 18.4 riyals per share, after the company announced the subscription percentage for the capital increase shares.

Trading in Salama shares at that time occurred through 2,223 trading transactions, over 838.71 thousand shares, with a trading value of 15.16 million riyals.

The highest price per share at that time was 18.48 riyals, while the lowest price per share was 17.28 riyals.

This came after Salama Cooperative Insurance Company announced that it had achieved a subscription rate for the capital increase shares, amounting to 86.86% of the total shares offered.

The company reported that 8.69 million shares were covered out of 10 million new shares that were offered.

She indicated that the remaining shares, amounting to 1.313 million shares, will be offered to a group of institutional investors.

She added that the remaining shares will be allocated according to the highest offers submitted by investment institutions, taking into account that the price is not less than the specified offering price, and the shares will be distributed proportionately among institutions that submit equal offers.

In the event that all the remaining shares are not covered by investment institutions, Alawwal Capital, as the underwriter, will purchase the remaining shares at the offering price.

The company confirmed that the subscription period for the remaining shares will begin on Wednesday, the first of next January, and end on the evening of Thursday, January 2.