CHUBB Arabia board recommends 33.33% capital hike via bonus issue

Logo of CHUBB Arabia Cooperative Insurance Co. (CHUBB)

CHUBB Arabia Cooperative Insurance Co.’s (CHUBB) board of directors recommended on May 21 a 33.33% capital increase from SAR 300 million to SAR 400 million through a 1-for-3 bonus share distribution.

 

Accordingly, the board proposed capitalizing SAR 52 million from retained earnings and SAR 48 million from the statutory reserve, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 300 mln

Number of Shares

30 mln

Proposed Increase

33.33%

Method

1-for-3 bonus issue

New Capital

SAR 400 mln

New Number of Shares

40 mln

Reason

To support and strengthen the company’s capital base and future activities.

Record Date

Shareholders of record who are registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day after the record date

Utilized Reserves

Capitalizing SAR 52 mln from retained earnings and SAR 48 mln from the statutory reserve.
 

Fractional shares, if any, will be compiled in one portfolio and offered at market price. The proceeds will be distributed to eligible shareholders pro rata within a period not exceeding 30 days.

 

The capital increase and the bonus issue are subject to the approval of the official authorities and company shareholders.

 

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