Wataniya Insurance announces utilisation of proceeds from rights issue
Saudi Arabia’s Wataniya Insurance Company in an announcement on Tadawul has revealed the use of proceeds from its rights issue in August 2016.
Total proceeds from the capital increase amounted to SAR 100 million with direct and indirect expenses related to it worth approximately SAR 6.62 million. Net proceeds from the capital increase accounted at SAR 93.38 million. SAR 10 million was been added to the statutory deposit consequent to the capital increase. An amount of SAR 5.76 million was spent on expenses related to the replacement of the existing information systems.
SAR 41 million was added to the investment portfolio with NCB Capital while SAR 10 million was placed with Al-Khabeer Capital as Murabahah time deposit.