Saudi Arabian Cooperative Insurance Co. (SAICO) board of directors has recommended a capital increase to SAR 300 million from SAR 250 million through issue of one bonus share for every five shares held.
The bonus issue is subject to approvals of the extraordinary general meeting and regulatory authorities.
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Key Figures of the Capital Hike |
|
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Current Capital |
SAR 250 mln |
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Number of shares |
25 mln shares |
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Hike (%) |
20% (1 for every 5 shares) |
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New Capital |
SAR 300 mln |
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New number of shares |
30 mln shares |
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Record date |
The second day after the extraordinary general meeting |
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Driver |
Supporting expansion plans and solvency margin |
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