AXA Cooperative Insurance Co.’s shareholders approved an 11.11% capital hike to SAR 500 million from SAR 450 million through the issuance of bonus shares, during the extraordinary general assembly meeting held on December 16, 2019.
The capital hike aims to boost the company’s capital base, boost solvency margin and support future growth, the insurer said in a bourse statement.
The process will take place through capitalizing SAR 50 million from retained earnings account.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limit for the stock today will be based on a share price of SAR 26. Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into investors' portfolios by Thursday, Dec. 19.
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Key Figures of the Capital Hike |
|
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Current Capital |
SAR 450 mln |
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Number of shares |
45 mln |
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Hike (%) |
11.11% (1 share for every 9 shares) |
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New Capital |
SAR 500 |
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New number of shares |
50 mln |
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Record date |
Dec. 16, 2019 |
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Method |
Capitalizing SAR 50 mln from retained earnings account |
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Driver |
To boost the company’s capital base, boost solvency margin and support future growth. |
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