Buruj Cooperative Insurance Co.’s board of directors has recommended a 20 percent capital hike to SAR 300 million from SAR 250 million through the issue of one bonus share for every five share held.
The capital hike will be financed from retained earnings.
The step aims to support the capital base to assist in increasing growth rate and business expansion.
The process is pending approval from the general assembly and regulator.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 250 mln |
|
Number of shares |
25 mln shares |
|
Hike (%) |
20% (1 for every 5 shares) |
|
New Capital |
SAR 300 mln |
|
New number of shares |
30 mln shares |
|
Method |
Bonus shares |
|
Driver |
Support the capital base to assist in increasing growth rate and business expansion |
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