Logo of Aljazira Takaful Taawuni Co.
AlJazira Takaful Taawuni Co.’s shareholders approved on Sept. 25 the board recommendation to increase capital by 20% via 1-for-5 bonus share distribution, according to a statement to Tadawul.
The approval came during an extraordinary general meeting (EGM) held yesterday, Sept. 25, according to a statement to the Saudi Exchange (Tadawul).
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Capital Increase Details |
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Current Capital |
SAR 550 |
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Current Number of Shares |
55 mln |
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Percentage of Increase |
20% |
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Method |
One bonus share for each five existing shares, capitalizing SAR 110 million from the issue premium |
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New Capital |
SAR 660 mln |
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New Number of Shares |
66 mln shares |
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Reasons |
Boosting the company’s efficiency and competitiveness |
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Record Date |
Sept. 25, 2023 (Shareholders registered with the Security Depository (Edaa) on the second trading day after the general meeting) |
Fractional shares, if any, will be compiled in one portfolio for all shareholders and will be offered at the market price. Proceeds will be distributed to the eligible shareholders pro rata over a period of 30 days, the statement added.
In a separate statement, Tadawul said that the fluctuation limits for Aljazira Takaful will be based on a share price of SAR 16.08 on Tuesday, Sept. 26, and the outstanding orders will be canceled.
Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into the investors' portfolios as of Sept. 28.
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