Logo of Al Rajhi Takaful
The Capital Market Authority (CMA) approved the application received from Al-Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) to increase its capital to SAR 1 billion from SAR 400 million via a 1.5 bonus share distribution for every share held, the market regulator said in a statement today, June 6.
Eligibility for the bonus share distribution will be for shareholders registered with the Securities Depository Center Co. (Edaa) as of the close of the second trading day after the record date, which will be determined later by the company's board.
The increase will be financed by transferring SAR 600 million from retained earnings. Consequently, the company's shares will rise from 40 million to 100 million.
Al Rajhi Takaful should convene an extraordinary general meeting (EGM) within six months from this approval date and should satisfy all regulatory requirements and applicable laws, the market regulator stated.
Al Rajhi Takaful’s board of directors recommended, in May, increasing the company’s capital by 150% to SAR 1 billion, Argaam’s data showed.
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