Walaa Cooperative Insurance Co.’s board of directors has recommended a 20 percent capital hike to SAR 528 million from SAR 440 million through the issue bonus shares.
The capital hike aims to boost the company’s capital base and future activities.
The process is pending approval from the general assembly and regulator.
Meanwhile, Walaa has recommended, for the first time since listing, a cash dividend of 10 percent for fiscal year 2018, at SAR 1 per share, amounting to SAR 44 million.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 440 mln |
|
Number of shares |
44 mln |
|
Hike (%) |
20% (1 share for every 5 shares) |
|
New Capital |
SAR 528 mln |
|
New number of shares |
52.8 mln |
|
Record date |
General assembly meeting |
|
Driver |
To boost the company’s capital base and future activities |
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Dividend Details (2018) |
|
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Dividend |
SAR 44 mln |
|
Percentage of capital |
10% (SAR 1 per share) |
|
Record date |
General assembly meeting |
|
Payment date |
To be determined |
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