The Company for Cooperative Insurance (Tawuniya) obtained on Monday regulatory approval to raise its capital by 25 percent to SAR 1.25 billion from SAR 1 billion through a 1-for-4 bonus shares distribution.
The capital hike will be financed through transferring SAR 250 million from retained earnings, the Capital Market Authority said in a statement.
The company’s number of outstanding shares will be increased to 125 million from 100 million after the process.
Shareholders on record by the close of trading on the extraordinary general assembly date (which will be defined later on) are entitled to the bonus shares, the statement added.
The capital increase process could still be subject to additional regulatory approvals.
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