Shareholders of Amana Cooperative Insurance Co. approved the board's recommendation to increase capital by 71.43 percent to SAR 240 million through a SAR 100 million rights issue, the company said in a bourse statement on Monday.
The capital raise will be directed to boost the company's solvency and financial position, the statement added.
Details of Capital Hike
SAR 140 mln
Number of shares
14 mln shares
71.41% (0.71 share for every outstanding share)
SAR 240 mln
Number of shares after capital hike
SAR 24 mln
Jan. 28, 2019 (Shareholders of record on Jan. 30, 2019
Capital hike reason
To improve the company’s solvency and financial position