Sabb Takaful today announced that it has successfully raised SR343.4 million ($91.7 million) in capital through its rights issue.

In terms of value, this represents a total coverage of 114.5 per cent from the SR300 million the company sought to raise.

Sabb Takaful's eligible shareholders subscribed to 25,530,835 shares, representing 106.4 per cent of the rights issue shares.

The offer was coordinated and managed by Aldukheil Financial Group, while Saudi Hollandi Capital acted as the Underwriter.

The final allocation for the offered shares will be announced latest by September 1.

“The rights issue has been incredibly successful and we are extremely proud of the outcome. We are very pleased with our shareholders' trust and enthusiasm to support our future business plans,” said Dr Yazid AbdulRahman Al-Ohaly, chairman of Sabb Takaful.-TradeArabia News Service