Buruj Cooperative Insurance Co.’s shareholders approved on Monday a 20 percent capital hike to SAR 300 million from SAR 250 million, through bonus shares (one bonus share for every five shares), the company said in a bourse statement.
The capital hike will be financed through capitalizing SAR 50 million from retained earnings account.
Last August, the Saudi Capital Market Authority (CMA) approved Buruj’s request to increase capital to SAR 300 million from SAR 250 million, through bonus shares, Argaam reported earlier.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Tuesday for Buruj Co. will be based on a share price of SAR 23.
Furthermore, the Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Thursday, Jan.17, 2019.
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Key Figures of the Capital Hike |
|
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Current Capital |
SAR 250 mln |
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Number of shares |
25 mln shares |
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Hike (%) |
20% (1 for every 5 shares) |
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New Capital |
SAR 300 mln |
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New number of shares |
30 mln shares |
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Method |
Bonus shares |
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Record date |
Jan.14, 2019 |
|
Driver |
To support the company's capital base which assists in increasing growth rate and future expansions |
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