Amana Insurance shareholders approve capital top-up via SAR 300 mln rights issue

30/05/2022 Argaam

Logo of Amana Cooperative Insurance Co.

Amana Cooperative Insurance Co.’s shareholders approved increasing capital through a SAR 300 million rights issue, during the extraordinary general meeting (EGM) held on May 29, according to a bourse filing.

 

Capital Increase Highlights

Current capital

SAR 130 mln

Number of shares

13 mln

Capital increase (%)

230.70%

Capital after increase

SAR 430 mln

Number of shares after increase

43 mln

Method of increase

Offering rights issue of 30 million shares worth SAR 300 million

Use of rights issue proceeds

Supporting the company's future plans, enhancing solvency margin position and increasing investment income

 

In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits for Amana today, May 30, will be based on a share price of SAR 13.94, and outstanding orders will be canceled.  

 

Additionally, the Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios by June 1. 

 

In January, Amana's board of directors recommended raising capital through a SAR 300 million rights issue to support the company's future plans and boost its solvency margin, Argaam earlier reported.

 

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