Al Sagr Cooperative Insurance Co.’s shareholders have approved a 60 percent capital hike to SAR 400 million from SAR 250 million, through bonus shares, the insurer said in a bourse statement.

 

The capital hike aims to support the company's capital base and future expansions. 

 

In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Monday for Al Sagr will be based on a share price of SAR 16.34 per share.

 

The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Wednesday, August 1, 2018.

 

Key Figures of the Capital Hike

Current Capital

SAR 250 mln

Number of shares

25 mln shares

Hike (%)

60% (3 for every 5 shares)

New Capital

SAR 400 mln

New number of shares

40 mln shares

Driver

Supporting capital base and future expansions. 

 

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