Arabian Shield Cooperative Insurance Co.’s shareholders approved the board’s recommendation on a 33.3% capital hike to SAR 400 million, from SAR 300 million, through bonus share distribution at 1-for-3, according to a bourse filing.
This came during the company’s extraordinary general meeting (EGM), held on June 9, 2021.
|
Capital Hike Details |
|
|
Current Capital |
SAR 300 mln |
|
Number of shares |
30 mln |
|
Percentage |
33.33% (1bonus share for every 3 outstanding shares) |
|
New Capital |
SAR 400 mln |
|
New Number of Shares |
40 mln |
|
Record Date |
June 9, 2021 |
|
Reason |
To boost solvency |
|
Method |
Capitalization of SAR 80 million from retained earnings, and SAR 20 million from statutory reserve |
During the meeting, shareholders also approved board’s recommendation to withhold dividends for 2020.
In a separate statement, Saudi Exchange (Tadawul) announced that the insurer’s daily trading fluctuation limit after its capital increase will be based on a share price of SAR 25.45 as of today, June 10, 2021.
Meanwhile, the outstanding orders will be cancelled.
The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios before start of trading on Monday, June 14, 2021.
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