UCA board plans SAR300M rights issue to raise capital

Logo of United Cooperative Assurance Co. (UCA)

The board of United Cooperative Assurance Co. recommended increasing capital to SAR 700 million by way of a SAR 300 million rights offering.

 

In a statement to Tadawul, UCA said the planned hike aims to support the company’s future plans, expansions and financial solvency margin.

 

Shareholders on the date of the extraordinary general meeting (EGM) are eligible along with those registered with Edaa by the close of the second trading day following the meeting.

 

The capital increase is subject to approval by the Insurance Authority, Capital Market Authority (CMA) and other regulatory bodies, in addition to the EGM.

 

The company will later announce the financial advisor once the capital increase application is filed with the CMA.

 

Key Highlights of Capital Increase

Current Capital

SAR 400 mln

Number of Shares

40 mln

Increase Amount

SAR 300 mln

New Capital

SAR 700 mln

New Number of Shares

70 mln

Percentage of Increase

75%

 

The company’s shareholders recently gave the go-ahead for a planned merger with Saudi Enaya Cooperative Insurance Co., Argaam reported.

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