Al-Etihad Insurance gets CMA nod on 11.1% capital hike via bonus issue

18/04/2024 Argaam

Al-Etihad Insurance gets CMA nod on 11.1% capital hike via bonus issue

Logo of Al-Etihad Cooperative Insurance Co.

The Capital Market Authority (CMA) approved today, April 18, the request received from Al-Etihad Cooperative Insurance Co. to increase its capital from SAR 450 million to SAR 500 million through a bonus issue, according to a statement today, April 18.

 
Accordingly, one bonus share will be issued for every nine shares held by shareholders who are registered with the Securities Depository Center (Edaa) bythe close of the second trading day after the record date, which will be determined later by the company's board.
 
The capital hike will be funded by transferring SAR 50 million from retained earnings to Al-Etihad Insurance's capital.
 
Consequently, the company's outstanding shares will increase from 45 million to 50 million.
 
Al-Etihad Insurance's extraordinary general meeting (EGM) shall be held within six months from this approval date, subject to satisfying all regulatory requirements and applicable laws, the CMA stated.

 

Al-Etihad Insurance’s board recommends 11.1% capital hike via bonus issue

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