AlJazira Takaful EGM to vote on capital hike on Sept. 25

30/08/2023 Argaam
Logo ofAlJazira Takaful Taawuni Co.

Logo of AlJazira Takaful Taawuni Co.

Shareholders of AlJazira Takaful Taawuni Co. will discuss the board’s recommendation to increase capital by 20% to SAR 660 million, through a one-for-five bonus share distribution, during the extraordinary general meeting (EGM) that will be held on Sept. 25, according to a statement to Tadawul.

 

Details of Capital Increase

Current capital

SAR 550 mln

Number of shares

55 mln

Percentage of increase

20%

Method

Distributing 1 share for every 5 shares held through capitalizing SAR 110 mln from the share premium account.

New capital

SAR 660 mln

Number of shares

66 mln

Reason

To strengthen the company’s financial efficiency and competitiveness.

Record date

Sept. 25, 2023 - For shareholders on record date and those registered with Edaa by the end of second trading day after the EGM.
 

Fractional shares, if any, will be compiled in one portfolio and sold at market price. The sale proceeds will be distributed among eligible shareholders pro rata within 30 days.

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