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Chubb Arabia Cooperative Insurance Co.’s (Chubb Arabia) board of directors recommended, on March 24, 2021, a 50% capital hike to SAR 300 million from SAR 200 million by capitalizing SAR 100 million from retained earnings account.

 

Key Figures of the Capital Hike

Current Capital

SAR 200 mln

Number of shares

20 mln

Hike (%)

50% (1 share for every 2 outstanding shares)

New Capital

SAR 300 mln

New number of shares

30 mln

Record date

Shareholders registered with the Securities Depository Center (Edaa) at the end of the second trading day following the eligibility date

Driver

Support company’s financial position and future expansions

 

The stock dividends are conditional upon the approval of the official authorities and the extraordinary general assembly on increasing the capital and the number of granted shares.

 

In the event that there are stock fractions, the fractions will be collected in one portfolio for all shareholders and sold at the market price. Their value will be distributed among the eligible shareholders for the grant, each according to the respective share, within a period not exceeding 30 days from the date of determining the shares due to each shareholder.

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