AI Summary
Logo of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful)
Al Rajhi Company for Cooperative Insurance’s (Al Rajhi Takaful) board recommended, on March 5, a 100% capital hike through a one-for-one bonus issue.
The capital increase will be financed by capitalizing SAR 1 billion from retained earnings, the insurer said in a statement to Tadawul.
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Capital Increase Details |
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Current Capital |
SAR 1 bln |
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No. of Shares |
100 mln |
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Percentage of Increase |
100% |
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New Capital |
SAR 2 bln |
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No. of New Shares |
200 mln |
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Reason |
Strengthening the capital base, which contributes to supporting the company’s strategic and expansion plans by continuing to provide insurance solutions to the company’s clients, including individuals, corporates and SMEs. |
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Method |
Capitalizing SAR 1 bln from retained earnings |
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Record Date |
Shareholders of record and those registered with Edaa by the close of the second trading day following the record date |
Fractional shares, if any, will be compiled into a single portfolio for all shareholders and offered at market price. Proceeds will be distributed among entitled shareholders pro rata within 30 days maximum.
The decision is conditional on approvals from competent authorities and shareholders, the statement added.
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