Chubb Arabia completes capital hike to SAR 200 mln

22/10/2017 Argaam

Chubb Arabia Cooperative Insurance Co.’s shareholders approved on Thursday a 100 percent capital hike to SAR 200 million from SAR 100 million via a 1:1 bonus share issue.

 

The Saudi Stock Exchange, Tadawul, has said the fluctuation limits on Sunday for Chubb Arabia will be based on a share price of SAR 26.12. The Securities Depository Center (Edaa) will deposit the additional shares into the investor portfolios by Tuesday.

 

The capital hike will be 80 percent covered from retained earnings account and 20 percent from statutory deposit, the insurer said in a bourse statement.

 

Capital Hike Details

Current capital

SAR 100 mln

Current No. of shares

10 mln

Percentage of Increase

100 percent (1-for-1 bonus shares)

Post-increase capital

SAR 200 mln

Post-increase shares

20 mln

Eligibility Date

Oct. 19, 2017

Purpose

To support capital base needed to fund expansions and growth, and increase solvency margin.

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