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Chubb Arabia Cooperative Insurance Co. (Chubb Arabia) obtained on April 6, 2021, the approval of the Saudi Central Bank (SAMA) to increase the company’s capital through bonus shares, the firm said in a statement to Tadawul.

 

In March, Chubb Arabia’s board of directors recommended a 50% capital hike to SAR 300 million from SAR 200 million by capitalizing SAR 100 million from retained earnings account, granting one share for every two shares owned, Argaam reported.

 

Key Figures of the Capital Hike

Current Capital

SAR 200 mln

Number of shares

20 mln

Hike (%)

50% (1 share for every 2 outstanding shares)

New Capital

SAR 300 mln

New number of shares

30 mln

Record date

At the end of trading of general assembly meeting day (to be announced), and shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date

Driver

Support company’s financial position and future expansions

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