Walaa shareholders approve 49.97% capital hike via rights issue

27/11/2024 Argaam
Logo ofWalaa Cooperative Insurance Co.

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co.’s shareholders approved the board’s recommendation to increase capital by 49.97% via a rights issue, during the extraordinary general meeting (EGM) held on Nov. 26, according to a statement to Tadawul.

 

Capital Hike Details

Current Capital

SAR 850.58 mln

Number of Shares

85.06 mln

New Capital

SAR 1.27 bln

Number of Shares after Increase

127.55 mln

Capital Increase (%)

49.97% (Each listed shareholder shall have the right to subscribe to 0.4997 shares for every owned share.)

Par Value

SAR 425 mln

Reason

Boosting growth and expansion plans, enhancing solvency and maintaining the credit rating

Record Date

Shareholders of record at the end of trading on the day of the EGM and those registered with Edaa at the end of the second trading day following the EGM
 

The Saudi Exchange announced that the fluctuation limits for Walaa will be based on a share price of SAR 18.10 and the outstanding orders will be canceled. Thus, the insurer’s rights will be deposited into applicable investor’s portfolios on Sunday, Dec. 1.

 

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