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.
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Capital Hike Details |
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Current Capital |
SAR 850.58 mln |
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Number of Shares |
85.06 mln |
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New Capital |
SAR 1.27 bln |
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Number of Shares after Increase |
127.55 mln |
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Capital Increase (%) |
49.97% (Each listed shareholder shall have the right to subscribe to 0.4997 shares for every owned share.) |
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Par Value |
SAR 425 mln |
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Reason |
Boosting growth and expansion plans, enhancing solvency and maintaining the credit rating |
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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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