Shareholders of Amana Cooperative Insurance Co. approved the board's recommendation to increase capital by 71.43 percent to SAR 240 million through a SAR 100 million rights issue, the company said in a bourse statement on Monday.
The capital raise will be directed to boost the company's solvency and financial position, the statement added.
|
Details of Capital Hike |
|
|
Current Capital |
SAR 140 mln |
|
Number of shares |
14 mln shares |
|
Increase percentage |
71.41% (0.71 share for every outstanding share) |
|
New Capital |
SAR 240 mln |
|
Number of shares after capital hike |
SAR 24 mln |
|
Record date |
Jan. 28, 2019 (Shareholders of record on Jan. 30, 2019 |
|
Capital hike reason |
To improve the company’s solvency and financial position |
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