SAICO gets CMA nod for capital hike

08/05/2018 Argaam

 

The Capital Market Authority (CMA) on Tuesday approved Saudi Arabian Cooperative Insurance Company's (SAICO) request to increase its capital from SAR 250 million to SAR 300 million, through the issuance of one bonus share for every five existing shares.

 

The capital hike will be financed by transferring SAR 50 million from retained earnings to the company's capital, the market regulator said in a statement.

 

Accordingly, SAICO's outstanding shares will increase from 25 million to 30 million shares.

 

The company should hold the extraordinary general assembly within six months from the approval date and satisfy all regulatory requirements and applicable laws, the statement added.

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