Al Sagr Cooperative Insurance Co.’s board of directors has recommended a 60 percent capital hike to SAR 400 million from SAR 250 million through the issue of three bonus shares for every five shares held.
The capital hike aims to support the company's capital base and future activities.
The process is pending approval from the general assembly and regulator.
|
Key Figures of the Capital Hike |
|
|
Current capital |
SAR 250 mln |
|
Number of shares |
25 mln shares |
|
Hike (%) |
60% (3 for every 5 shares) |
|
New Capital |
SAR 400 mln |
|
New number of shares |
40 mln shares |
|
Method |
Bonus shares |
|
Target |
Supporting capital base & future activities |
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