Buruj shareholders approve 20% capital hike

15/01/2019 Argaam

 

Buruj Cooperative Insurance Co.’s shareholders approved on Monday a 20 percent capital hike to SAR 300 million from SAR 250 million, through bonus shares (one bonus share for every five shares), the company said in a bourse statement.

 

The capital hike will be financed through capitalizing SAR 50 million from retained earnings account.

 

Last August, the Saudi Capital Market Authority (CMA) approved Buruj’s request to increase capital to SAR 300 million from SAR 250 million, through bonus shares, Argaam reported earlier.

 

In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Tuesday for Buruj Co. will be based on a share price of SAR 23.

 

 Furthermore, the Securities Depository Center (Edaa) will deposit the addition shares into the investor’s portfolios by Thursday, Jan.17, 2019.

 

Key Figures of the Capital Hike

Current Capital

SAR 250 mln

Number of shares

25 mln shares

Hike (%)

20% (1 for every 5 shares)

New Capital

SAR 300 mln

New number of shares

30 mln shares

Method

Bonus shares

Record date

Jan.14, 2019

Driver

To support the company's capital base which assists in increasing growth rate and future expansions 

Comments 0

Be the first to comment

loader Train
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.

Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website