Shareholders of Chubb Arabia Cooperative Insurance Co. are set to vote on capital increase from SAR 200 million to SAR 300 million through the issue of one bonus share for every two shares held, during the extraordinary general meeting (EGM) scheduled for July 14.
Shareholders of record at the Security Depository Center (Edaa) as of the closing of the second trading day after the due date, which will be determined later by the company, are eligible for this increase.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 200 mln |
|
Number of shares |
20 mln |
|
Hike (%) |
50% (1 share for every 2 outstanding shares) |
|
New Capital |
SAR 300 mln |
|
New number of shares |
30 mln |
|
Record date |
Shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date |
|
Driver |
Support company’s financial position and future expansions |
Shareholders will also vote on the election of board members for the next three-year term starting July 24.
Other agenda items include the audit committee formation, and the definition of its duties, work regulations and remuneration for the next three-year term starting July 24.
The remote voting will start on Saturday, July 10.
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