AlJazira Takaful board recommends 20% capital increase via bonus issue

Logo of AlJazira Takaful Taawuni Co.

AlJazira Takaful Taawuni Co.’s board of directors recommended increasing the company’s capital by 20% via a 1-for-5 bonus-share distribution, according to a statement to Tadawul.

 

Details of Capital Increase

Current capital

SAR 550 mln

Number of shares

55 mln

Percentage of increase

20%

Method

Distributing 1 share for every 5 shares held through capitalizing SAR 110 mln from the share premium account.

New capital

SAR 660 mln

Number of shares

66 mln

Reason

To strengthen the company’s financial efficiency and competitiveness.

Record date

For shareholders on record date and those registered with Edaa by the end of second trading day after the record date.
 

Fraction shares, if any, will be collected into one investment portfolio to be then sold at market price.

 

The value of the sold portfolio will be proportionately distributed to the eligible shareholders within 30 days as of the date of the new shares allocation, the statement added.

 

The company pointed out that the capital increase is subject to obtaining all necessary approvals from the competent authorities as well as the shareholders.

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