The extra ordinary general assembly of Malath Cooperative Insurance Co. has approved raising the company’s capital by 316.7 percent to SAR 500 million from SAR 120 million through a rights issue of SAR 380 million.

 

Capital Hike Details

Current capital

SAR 120 mln

Number of shares

12 mln

Percentage

316.7 percent (3-for-1 shares)

Capital after increase

SAR 500 mln

Shares after increase

500 mln

No. of new shares

38 mln

Price per share

SAR 10

Size of the rights issue

SAR 380 mln

Record date

October 2, 2017

Aim

Achieving required solvency margin and funding future activities

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