CHUBB Arabia gets IA’s nod on capital hike via bonus issue

04:12 PM (Mecca time) Argaam
Logo ofCHUBB Arabia Cooperative Insurance Co. (CHUBB)

Logo of CHUBB Arabia Cooperative Insurance Co. (CHUBB) 

CHUBB Arabia Cooperative Insurance Co. (CHUBB) received approval from the Insurance Authority (IA) today, June 15, to increase its capital from SAR 300 million to SAR 400 million through a bonus share distribution, according to a statement to Tadawul.

 

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On May 21, the board recommended a 33.33% capital increase via a 1-for-3 bonus share issue by capitalizing SAR 52 million from retained earnings and SAR 48 million from the statutory reserve, according to data compiled by Argaam.

 

The capital hike is aimed to support and strengthen the company’s capital base and future activities.

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