Logo of Al-Etihad Cooperative Insurance Co.
Al-Etihad Cooperative Insurance Co.’s board of directors on Aug. 6 recommended to the extraordinary general assembly (EGM) to raise the company’s capital by 11.11% to SAR 500 million via a one-for-nine bonus-share distribution, according to a statement to Tadawul.
|
Details of Capital Increase |
|
|
Current capital |
SAR 450 mln |
|
Number of shares |
45 mln |
|
Percentage of increase |
11.11% (1 share for every 9 shares owned) |
|
New capital after increase |
SAR 500 mln |
|
Number of shares |
50 mln |
|
Method |
Capitalization of SAR 50 mln from the retained earnings |
|
Reason |
To bolster the company's capital base and future activities. |
|
Eligibility |
Shareholders registered with Edaa by the end of second trading day after the record date. |
The company pointed out that the capital increase is subject to obtaining all necessary approvals from the competent authorities as well as the shareholders.
Fraction shares, if any, will be collected into one investment portfolio to be then sold at market price.
The value of the sold portfolio will be proportionately distributed to the eligible shareholders within 30 days as of the date of the new shares allocation, the statement added.
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