Arabian Shield shareholders to vote on dividend freeze, capital hike on June 9

Arabian Shield Cooperative Insurance Co.'s shareholders will vote on the board of director's recommendation on withholding dividend for 2020, during an extraordinary general assembly meeting (EGM) scheduled for June 9, 2021, the insurer said in a filing to Tadawul.

Shareholders will also vote on the board of directors' recommendation on a 33.33% capital hike to SAR 400 million from SAR 300 million through the issuance of bonus shares at 1-for-3.

The capital increase will be carried out through the capitalization of SAR 80 million from retained earnings and SAR 20 million from statutory reserves.

Additionally, shareholders will vote to approve the board of directors and auditor reports and financial statements for 2020.

Shareholders will also vote on the payment of SAR 1.7 million as remuneration for board members for 2020.