Logo of Chubb Arabia
Chubb Arabia Cooperative Insurance Co.’s (Chubb Arabia) board of directors recommended, on March 24, 2021, a 50% capital hike to SAR 300 million from SAR 200 million by capitalizing SAR 100 million from retained earnings account.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 200 mln |
|
Number of shares |
20 mln |
|
Hike (%) |
50% (1 share for every 2 outstanding shares) |
|
New Capital |
SAR 300 mln |
|
New number of shares |
30 mln |
|
Record date |
Shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date |
|
Driver |
Support company’s financial position and future expansions |
The stock dividends are conditional upon the approval of the official authorities and the extraordinary general assembly on increasing the capital and the number of granted shares.
In the event that there are stock fractions, the fractions will be collected in one portfolio for all shareholders and sold at the market price. Their value will be distributed among the eligible shareholders for the grant, each according to the respective share, within a period not exceeding 30 days from the date of determining the shares due to each shareholder.
Comments
{{DisplayName}}
{{ElapsedTime}}