Tadawul suspends trading in Walaa after capital hike approval

30/05/2018 Argaam

Saudi Stock Exchange (Tadawul) said trading in Walaa Cooperative Insurance Co. will be suspended for one business day, May 30, in order for Tadawul to complete the corporate action process for the insurer’s capital hike.

 

The ban will be lifted by the end of today, Tadawul said, adding that the fluctuation limits on Thursday will be based on a share price of SAR 28.35.

 

The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by June 3, it added.

 

Walaa’s shareholders approved on Tuesday the board’s recommendation on increasing capital from SAR 400 million to SAR 440 million, through a 10 percent bonus share distribution, or 1 bonus share for every ten outstanding shares, Argaam reported earlier.

 

The capital hike aims to boost the firm’s long-term strategic plans.

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