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Tawuniya shareholders to vote on capital hike to SAR 1.5 bln via bonus issue on Aug. 28
AI Summary
Logo of The Company for Cooperative Insurance Co. (Tawuniya)
The Company for Cooperative Insurance Co. (Tawuniya) shareholders will vote on increasing capital by 20% to SAR 1.5 billion through 1-for-5 bonus share distribution, during the extraordinary general meeting (EGM) scheduled for Aug. 28.
|
Capital Increase Details |
|
|
Current Capital |
SAR 1.25 bln |
|
Number of Shares |
125 mln |
|
Percentage of Increase |
20% |
|
Method of Increase |
One share for every five shares held |
|
New Capital |
SAR 1.5 bln |
|
Number of Shares |
150 mln |
|
Reason |
Strengthening the company's capital base will contribute to business growth and expansion over the coming years. |
|
Reserves to be used in issuance of capitalization |
Capitalizing SAR 250 million from retained earnings |
|
Eligibility |
Aug. 28, 2023 (Shareholders registered with Edaa by the end of the second trading day following the EGM date.) |
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