Arabian Shield to deposit share fraction sale proceeds on Sept. 9

Arabian Shield Cooperative Insurance Co. will deposit around SAR 21,686 proceeds from the sale of fractional shares in shareholders’ portfolios on Sept. 9.

The company sold 868 shares at an average price of SAR 25 each.

The proceeds will be deposited directly by SABB into accounts of eligible shareholders, the company said in a statement to Tadawul on Wednesday.

On May 21, Arabian Shield’s general assembly approved a 50 percent capital increase to SAR 300 million from SAR 200 million through the issue of one bonus share for every two shares held, in order to boost the company’s capital base, support future expansions, and maintain solvency margin.