Al-Etihad Cooperative Insurance Co.’s shareholders approved a 45.4 percent capital hike to SAR 400 million from SAR 275 million through the issue of bonus shares during the general assembly meeting held on June 19, 2019.
The step aims to support the company's capital base, enhancing its ability to afford a greater share of premiums and planning new insurance products while maintaining an adequate solvency margin to withstand expansion plans in the near future.
The capital hike will be financed through capitalizing SAR 95.7 million from retained earnings account and SAR 29.3 million from statutory reserve.
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Key Figures of the capital increase |
|
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Current Capital |
SAR 275 mln |
|
Number of shares |
27.5 mln shares |
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Hike (%) |
45.45% (5 shares for every 11 shares) |
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New Capital |
SAR 400 mln |
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New number of shares |
40 mln shares |
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Record date |
June 19, 2019 |
|
Driver |
Support the company's capital base, enhancing its ability to afford a greater share of premiums and planning new insurance products while maintaining an adequate solvency margin to withstand expansion plans in the near future |
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