Logo of AlJazira Takaful Taawuni Co.
AlJazira Takaful Taawuni Co.’s board of directors recommended increasing the company’s capital by 20% via a 1-for-5 bonus-share distribution, according to a statement to Tadawul.
|
Details of Capital Increase |
|
|
Current capital |
SAR 550 mln |
|
Number of shares |
55 mln |
|
Percentage of increase |
20% |
|
Method |
Distributing 1 share for every 5 shares held through capitalizing SAR 110 mln from the share premium account. |
|
New capital |
SAR 660 mln |
|
Number of shares |
66 mln |
|
Reason |
To strengthen the company’s financial efficiency and competitiveness. |
|
Record date |
For shareholders on record date and those registered with Edaa by the end of second trading day after the record date. |
Fraction shares, if any, will be collected into one investment portfolio to be then sold at market price.
The value of the sold portfolio will be proportionately distributed to the eligible shareholders within 30 days as of the date of the new shares allocation, the statement added.
The company pointed out that the capital increase is subject to obtaining all necessary approvals from the competent authorities as well as the shareholders.
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