Bupa Arabia for Cooperative Insurance’s board of directors on Monday recommended a move to double the company’s capital to SAR 800 million by issuing bonus shares, the company said in a statement to Tadawul.
One bonus share would be issued for each share held, while the total number of shares would increase from 40 million to 80 million following the issuance.
The capital hike aims to support the insurer’s capital base and future activities. It will be financed from the company’s retained income.
Only shareholders who are registered by the date of Bupa Arabia’s extraordinary general assembly meeting will be eligible to subscribe.
The proposed increase is subject to regulatory approvals.
Any fractional bonus shares will be collected into one investment portfolio and sold within 30 days from the date when new shares are allocated.
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