Logo of Al-Etihad Cooperative Insurance Co. 

Shareholders of Al-Etihad Cooperative Insurance Co. approved increasing the company’s capital by 12.5% to SAR 450 million from SAR 400 million through a one-for-eight bonus issue, during an extraordinary general meeting (EGM) held on June 30.

 

Capital Increase Details

Current capital

SAR 400 mln

Number of shares

40 mln

Capital hike%

12.5% (one share for every eight shares held)

Capital after increase

SAR 450 mln

Number of shares after increase

45 mln

Objective of capital hike

To strengthen the company’s solvency and support operating activities

Record date

June 30, 2022 (including shareholders registered with Edaa by the close of the second trading day after record date).

Method of increase

By transferring SAR 20 million from retained earnings and SAR 30 million from the statutory reserve.
 

Fractional shares, if any, will be collected into one investment portfolio and will be sold at market price within 30 days from the date of determining the allocation of new shares to each shareholder, the company added.

 

In a separate statement, Saudi Exchange (Tadawul) said Al-Etihad’s daily trading fluctuation limit after the capital raise will be based on a share price of SAR 15.50 as of today, July 3, while the outstanding orders will be canceled.

 

The Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios before the opening of trading on July 5.

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