Logo of Bupa Arabia for Cooperative Insurance Co.
Bupa Arabia for Cooperative Insurance Co.’s board of directors recommended increasing the company’s capital to SAR 1.5 billion from SAR 1.2 billion, through a 25% bonus share distribution, the insurer said in a statement to Tadawul today, June 13.
Each shareholder of record will be granted one bonus share for every four shares owned.
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Capital Increase Details – Bonus Issue |
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Current Capital |
SAR 1.2 bln |
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Number of Shares |
120 mln |
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Percentage of Increase |
25% (1 bonus share for 4 existing shares held) |
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New Capital |
SAR 1.5 bln |
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Number of Shares |
150 mln |
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Reason |
The increase reflects Bupa Arabia's plan to strengthen its capital base and achieve further growth in business and to support future expansions |
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Method |
Utilizing SAR 300 million from retained earnings |
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Record Date |
Shareholders at the end of trading on the day of the company’s extraordinary general assembly (the date for which will be determined later) and shareholders of record with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the EGM date |
The capital increase and the bonus share distribution are subject to the approval of the competent authorities as well as the company's extraordinary general meeting (EGM).
In case of fractional bonus shares, these shares will be collected into one investment portfolio and will be sold at market price within 30 days on a pro rata basis from the date of determining the allocation of new shares for each shareholder, the company noted.
Bupa Arabia’s shareholders are set to vote on a 45% cash dividend for 2021, at SAR 4.5 per share, during the EGM slated for June 30, Argaam earlier reported.
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