The extra ordinary general assembly of Malath Cooperative Insurance Co. has approved raising the company’s capital by 316.7 percent to SAR 500 million from SAR 120 million through a rights issue of SAR 380 million.
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Capital Hike Details |
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Current capital |
SAR 120 mln |
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Number of shares |
12 mln |
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Percentage |
316.7 percent (3-for-1 shares) |
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Capital after increase |
SAR 500 mln |
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Shares after increase |
500 mln |
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No. of new shares |
38 mln |
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Price per share |
SAR 10 |
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Size of the rights issue |
SAR 380 mln |
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Record date |
October 2, 2017 |
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Aim |
Achieving required solvency margin and funding future activities |
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