Logo of Amana Cooperative Insurance Co.
Amana Cooperative Insurance Co.’s shareholders approved increasing capital through a SAR 300 million rights issue, during the extraordinary general meeting (EGM) held on May 29, according to a bourse filing.
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Capital Increase Highlights |
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Current capital |
SAR 130 mln |
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Number of shares |
13 mln |
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Capital increase (%) |
230.70% |
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Capital after increase |
SAR 430 mln |
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Number of shares after increase |
43 mln |
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Method of increase |
Offering rights issue of 30 million shares worth SAR 300 million |
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Use of rights issue proceeds |
Supporting the company's future plans, enhancing solvency margin position and increasing investment income |
In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits for Amana today, May 30, will be based on a share price of SAR 13.94, and outstanding orders will be canceled.
Additionally, the Securities Depository Center (Edaa) will deposit the bonus shares into investor portfolios by June 1.
In January, Amana's board of directors recommended raising capital through a SAR 300 million rights issue to support the company's future plans and boost its solvency margin, Argaam earlier reported.
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