Al Sagr Cooperative Insurance Co.’s shareholders have approved a 60 percent capital hike to SAR 400 million from SAR 250 million, through bonus shares, the insurer said in a bourse statement.
The capital hike aims to support the company's capital base and future expansions.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Monday for Al Sagr will be based on a share price of SAR 16.34 per share.
The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Wednesday, August 1, 2018.
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 |
Driver |
Supporting capital base and future expansions. |
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