ANB Insurance approves raising capital by 100%

23/02/2016 Argaam

MetLife AIG ANB Cooperative Insurance approved in its general assembly meeting on Monday increasing its capital by 100 percent from SAR 175 million (17.5 million shares) to SAR 350 million (35 million shares) by rights issue.

 

The insurer will issue one bonus share for each share held by its stakeholders at SAR 10 per share. The capital raise aims at boosting the company’s solvency margin to meet current and future needs, the company said in a statement.

 

Shareholders of record on the day of the extraordinary general meeting will be eligible for these shares.

 

The fluctuation limit will be based on a share price of SAR 33.52, the company added in a separate statement. Rights issued will be deposited into the portfolios of investors on Sunday, February 28.  

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