Arabian Shield Cooperative Insurance Co.’s board of directors has recommended a 50 percent capital increase from SAR 200 million to SAR 300 million, through the issue of one bonus share for every two held, the company said in a statement on Tadawul.
The insurer will capitalize SAR 80 million of retained earnings and SAR 20 million form statutory deposit to finance the capital hike.
The move aims to boost the company’s capital base, support future expansions, and maintain solvency margin.
Fractional shares will be accumulated in one portfolio and sold at market price within 30 days after allotting new shares.
The capital hike is pending regulatory approvals, the company added.
|
Key Figures of the Capital Hike |
|
|
Current capital |
SAR 200 mln |
|
Current No. of shares |
20 mln |
|
Percentage of Increase |
50 percent (1-for-2 bonus shares) |
|
New capital |
SAR 300 million |
|
New No. of shares |
30 mln |
|
Eligibility Date |
General assembly meeting, to be determined later |
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