Global law firm White & Case LLP has advised Saudi Hollandi Capital, acting as the financial advisor, lead manager and underwriter, on the rights issue by Al-Ahlia for Cooperative Insurance Company, a Saudi cooperative insurance company.
The transaction consisted of the issuance of 22,000,000 new shares to increase Al-Ahlia's share capital from SAR 100 million to SAR 320 million. The net offering proceeds will be used by the company to cover solvency requirements mandated by the provisions of the Cooperative Insurance Companies Control Law.
Riyadh-based White & Case counsel Robert Vydra said: "Having recently celebrated the 25th anniversary of the Firm's on-the-ground presence in Riyadh, we're very pleased to continue supporting long established clients such as Saudi Hollandi Capital. This transaction comes at a time of significant opportunities to grow our capital markets practice in the Gulf Cooperation Council and underlines our capital markets capability in Riyadh."
The White & Case team in Riyadh was led by counsel Robert Vydra and included partner Dr. Waleed Al-Nuwaiser with support from associates Mishari Alabbad and Zeyad Al-Salloum.
The Firm has been active in Saudi Arabia since the 1950s, with an office presence in the country since 1989 from which clients are provided with both Saudi Arabian and international legal services. The legal team in Riyadh, which includes six partners, advises international investors and lenders, private companies, the Saudi government and Saudi public institutions on a range of issues and can call on the support of lawyers in the Firm's other GCC offices (Doha and the United Arab Emirates) as well as the White & Case network worldwide.
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