Al Sagr Cooperative Insurance Co.’s shareholders have approved a 60 percent capital hike to SAR 400 million from SAR 250 million, through bonus shares, the insurer said in a bourse statement.
The capital hike aims to support the company's capital base and future expansions.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Monday for Al Sagr will be based on a share price of SAR 16.34 per share.
The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Wednesday, August 1, 2018.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 250 mln |
|
Number of shares |
25 mln shares |
|
Hike (%) |
60% (3 for every 5 shares) |
|
New Capital |
SAR 400 mln |
|
New number of shares |
40 mln shares |
|
Driver |
Supporting capital base and future expansions. |
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