Shareholders of Walaa Cooperative Insurance Co. on May 21 will vote on the board proposal for raising capital by 20 percent to SAR 528 million through the issue of one bonus share for every five shares held.
They will also discuss the board's recommendation on paying a 10 percent cash dividend, to be issued at SAR 1.00 per share, for fiscal year 2018, the company said in a bourse filing on Tuesday.
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Key Figures of the Capital hike |
|
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Current Capital |
SAR 440 mln |
|
Number of shares |
44 mln shares |
|
Increase (%) |
20% (1 share for every 5 shares held) |
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New Capital |
SAR 528 mln |
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New number of shares |
52.8 mln shares |
|
Record date |
May 21, 2019 |
|
Driver |
To boost the company’s capital base and future operations |
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Method of capital hike |
Recapitalization of SAR 88 million in retained earnings |
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Cash Dividend Details |
|
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Current capital |
SAR 44 mln |
|
Percentage of capital |
10% (SAR 1 per share) |
|
Record date |
May 21, 2019 |
|
Payment date |
To be determined later on |
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