CMA approves Aljazira Takaful’s capital hike to SAR 550 mln through bonus issue

Logo of Aljazira Takaful Taawuni Co.

The Capital Market Authority (CMA) approved today, Sept. 9, the request received from Aljazira Takaful Taawuni Co. (Aljazira Takaful) to raise capital from SAR 470.66 million to SAR 550 million via bonus shares, the market regulator said in a statement.

The capital will be raised through the distribution of one bonus share for every six shares held to the shareholders registered at the Securities Depository Center (Edaa) by the close of the second trading day after the due date.

The increase will be financed by transferring SAR 79.34 million from the company's retained earnings account to the company's capital, the statement added.

An extraordinary general assembly will be held within six months from this approval date and the company will satisfy all regulatory requirements and applicable laws.

Last April, Aljazira Takaful’s board of directors recommended a 16.86%% capital hike to SAR 550 million through the distribution of bonus shares.