Bupa Arabia for Cooperative Insurance Co.’s board of directors has recommended a 50 percent capital increase to SAR 1.2 billion from SAR 800 million, through the issue of one bonus share for every two shares held.
The capital hike aims to strengthen capital base and support future activities, the insurer said in a statement on Tadawul.
Shareholders of record at the extraordinary general assembly meeting, including those registered at the Securities Depository Center two days after this date, will be eligible to receive the bonus shares.
Fractional shares will be collected in one investment portfolio and then be sold at market price within 30 days from the allocation of the new shares.
The process is pending general assembly and regulatory approval.
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Key Figures of Capital Hike |
|
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Current Capital |
SAR 800 mln |
|
Number of shares |
80 mln shares |
|
Hike (%) |
50% (1 for every 2 shares) |
|
New Capital |
SAR 1.2 bln |
|
New number of shares |
120 mln shares |
|
Method |
Bonus shares |
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