Logo of Amana Cooperative Insurance Co.
Amana Cooperative Insurance Co.’s shareholders will vote on increasing capital through a SAR 300 million rights issue, during an extraordinary general meeting (EGM) to be held on May 29, the company said in a statement to Tadawul.
Earlier this week, the Capital Market Authority (CMA) approved the insurer’s request to increase capital through a SAR 300 million rights issue, Argaam reported.
The capital hike aims to support the company's future plans, enhance solvency margin position and increase investment income.
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Capital Hike Details |
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Current capital |
SAR 130 mln |
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Number of shares |
13 mln shares |
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Capital hike% |
230.7% |
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Capital after increase |
SAR 430 mln |
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Number of shares after increase |
43 mln shares |
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Method |
A rights issue of 30 million shares at a total of SAR 300 mln |
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Reason |
To support the company's future plans and increase investment income. |
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Rights Issue Details |
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Number of shares offered |
30 mln shares |
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Offer price |
SAR 10 |
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Size of issue |
SAR 300 mln |
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Record date |
Shareholders registered with the Securities Depository Center (Edaa) by the close of trading on the second trading day after the EGM date. |
Meanwhile, shareholders will also vote on amending the company’s bylaws
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