Walaa approves capital increase via bonus issue

30/05/2018 Argaam

Walaa Cooperative Insurance Co.’s (Walaa) shareholders yesterday approved the board’s recommendation on increasing capital from SAR 400 million to SAR 440 million, through a 10 percent bonus share distribution, or 1 bonus share for every ten outstanding shares.

 

Capital Hike Details

Current capital

SAR 400 mln

Current no. of shares

40 mln

Hike (%)

10% (1 for every 10 shares)

New capital

SAR 440 mln

New no. of shares

44 million shares

Record date

29 May 2018

Purpose of capital hike

Boosting long-term strategic plans

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