Shareholders of Walaa Cooperative Insurance Co. on May 21 will vote on the board proposal for raising capital by 20 percent to SAR 528 million through the issue of one bonus share for every five shares held.

 

They will also discuss the board's recommendation on paying a 10 percent cash dividend, to be issued at SAR 1.00 per share, for fiscal year 2018, the company said in a bourse filing on Tuesday.

 

Key Figures of the Capital hike

Current Capital

SAR 440 mln

Number of shares

44 mln shares

Increase (%)

20% (1 share for every 5 shares held)

New Capital

SAR 528 mln

New number of shares

52.8 mln shares

Record date

May 21, 2019

Driver

To boost the company’s capital base and future operations

Method of capital hike

Recapitalization of SAR 88 million in retained earnings

Cash Dividend Details

Current capital

SAR 44 mln

Percentage of capital

10% (SAR 1 per share)

Record date

May 21, 2019

Payment date

To be determined later on

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