Al-Etihad Insurance shareholders approve 12.5% bonus issue to increase capital

Logo of Al-Etihad Cooperative Insurance Co. 

Shareholders of Al-Etihad Cooperative Insurance Co. approved increasing the company’s capital by 12.5% to SAR 450 million from SAR 400 million through a one-for-eight bonus issue, during an extraordinary general meeting (EGM) held on June 30.

Fractional shares, if any, will be collected into one investment portfolio and will be sold at market price within 30 days from the date of determining the allocation of new shares to each shareholder, the company added.

In a separate statement, Saudi Exchange (Tadawul) said Al-Etihad’s daily trading fluctuation limit after the capital raise will be based on a share price of SAR 15.50 as of today, July 3, while the outstanding orders will be canceled.

The Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios before the opening of trading on July 5.