AI Summary
Logo of CHUBB Arabia Cooperative Insurance Co. (CHUBB)
CHUBB Arabia Cooperative Insurance Co.’s (CHUBB) board of directors recommended on May 21 a 33.33% capital increase from SAR 300 million to SAR 400 million through a 1-for-3 bonus share distribution.
Accordingly, the board proposed capitalizing SAR 52 million from retained earnings and SAR 48 million from the statutory reserve, according to a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 300 mln |
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Number of Shares |
30 mln |
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Proposed Increase |
33.33% |
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Method |
1-for-3 bonus issue |
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New Capital |
SAR 400 mln |
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New Number of Shares |
40 mln |
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Reason |
To support and strengthen the company’s capital base and future activities. |
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Record Date |
Shareholders of record who are registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day after the record date |
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Utilized Reserves |
Capitalizing SAR 52 mln from retained earnings and SAR 48 mln from the statutory reserve. |
Fractional shares, if any, will be compiled in one portfolio and offered at market price. The proceeds will be distributed to eligible shareholders pro rata within a period not exceeding 30 days.
The capital increase and the bonus issue are subject to the approval of the official authorities and company shareholders.
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