Arabian Shield gets regulatory nod for capital hike

15/03/2018 Argaam

 

The Arabian Shield Cooperative Insurance Co.'s request to increase its capital by 25 percent to SAR 300 million was approved by the Capital Market Authority (CMA) today.

 

The insurer plans to issue one bonus share for every two shares outstanding, CMA said in a statement.

 

The capital increase will be financed by capitalizing SAR 80 million from retained earnings and SAR 20 million from statutory reserves. As a result, the number of outstanding shares will increase to 30 million (from a current 20 million).

 

Shareholders registered on the close of the second trading day after the due date will be eligible to subscribe to the bonus issue.

 

An extraordinary general assembly meeting will be held in a subsequent date to look into the

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