Chubb Arabia Cooperative Insurance Co.’s shareholders approved on Thursday a 100 percent capital hike to SAR 200 million from SAR 100 million via a 1:1 bonus share issue.
The Saudi Stock Exchange, Tadawul, has said the fluctuation limits on Sunday for Chubb Arabia will be based on a share price of SAR 26.12. The Securities Depository Center (Edaa) will deposit the additional shares into the investor portfolios by Tuesday.
The capital hike will be 80 percent covered from retained earnings account and 20 percent from statutory deposit, the insurer said in a bourse statement.
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Capital Hike Details |
|
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Current capital |
SAR 100 mln |
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Current No. of shares |
10 mln |
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Percentage of Increase |
100 percent (1-for-1 bonus shares) |
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Post-increase capital |
SAR 200 mln |
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Post-increase shares |
20 mln |
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Eligibility Date |
Oct. 19, 2017 |
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Purpose |
To support capital base needed to fund expansions and growth, and increase solvency margin. |
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