Arabian Shield Cooperative Insurance Co.’s general assembly has approved a 50 percent capital increase to SAR 300 million from SAR 200 million through the issue of one bonus share for every two shares held, the company said in a statement on Tadawul.
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).
The capital hike was recommended in February by the board to boost the company’s capital base, support future expansions, and maintain solvency margin.
Meanwhile, shareholders also approved withholding cash dividend for the fiscal year 2017, the statement added.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 200 mln |
|
Number of shares |
20 mln shares |
|
Increase (%) |
50% (1 for every 2 shares) |
|
New Capital |
SAR 300 mln |
|
New number of shares |
30 mln shares |
|
Method |
Issuing one bonus share for every two shares held |
|
Record date |
May 21, 2018 |
|
Driver |
to boost the company’s capital base, support future expansions, and maintain solvency margin |
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