Walaa shareholders approve withholding dividend for FY2019

Walaa Cooperative Insurance Co.’s shareholders approved withholding dividend for the fiscal year 2019 during the ordinary general assembly meeting (OGM) held on June 29, 2020.

The insurer said in a bourse statement that the decision will strengthen the company’s financial position.

Meanwhile, the shareholders also approved to amend Article 3 of the company bylaws related to its objectives and Article 4 regarding participation and ownership in companies.

They also ratified Article 11 related to the issuance of shares, Article 12 related to share trading, Article 13 related to capital increase, and Article 14 regarding the reduction in capital.

According to data compiled by Argaam, in March, Walaa and MetLife AIG ANB merged by increasing the capital to SAR 646.4 million from SAR 528 million, in accordance to the terms and conditions.