AI Summary
Logo of CHUBB Arabia Cooperative Insurance Co.
Shareholders of CHUBB Arabia Cooperative Insurance Co. approved the board’s recommendation to increase the company’s capital by 33.33%, from SAR 300 million to SAR 400 million through a bonus issuance.
The approval came during the extraordinary general meeting (EGM) held on Oct. 15, the insurer said in a statement to Tadawul.
|
Capital Increase Details |
|
|
Current Capital |
SAR 300 mln |
|
Number of Shares |
30 mln |
|
Percentage of Increase |
33.33% |
|
Method |
1 bonus share for every 3 shares held |
|
New Capital |
SAR 400 mln |
|
New Number of Shares |
40 mln |
|
Reason |
To strengthen the capital base and support the company’s future activities |
|
Record Date |
Oct. 15, 2025 (Shareholders of record who are registered with Edaa by the close of the second trading day following the record date) |
|
Reserves Used |
Capitalizing SAR 52 mln from retained earnings and SAR 48 mln from statutory reserve |
Fractional shares, if any, will be collected in one portfolio for all shareholders, to be sold at market price, with proceeds distributed to eligible shareholders pro rata within 30 days from the date of determining the entitled shares, the statement noted.
Meanwhile, Tadawul announced that the fluctuation limit for the company’s share has been calculated based on a price of SAR 31.86 for today, Oct. 16. Accordingly, all existing orders have been cancelled.
The Securities Depository Center Co. (Edaa) will deposit the bonus shares into shareholders’ portfolios before the start of trading on Oct. 20.
Be the first to comment
Comments Analysis: