AXA Cooperative Insurance Co.’s shareholders are set to vote on a 11.11% capital hike to SAR 500 million from SAR 450 million through the issue bonus shares during the extraordinary general assembly meeting that will be held on Dec. 16, 2019.
The capital hike aims to boost the company’s capital base, increase solvency margin and support future growth.
The process will take place through capitalizing SAR 50 million from retained earnings account.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 450 mln |
|
Number of shares |
45 mln |
|
Hike (%) |
11.11% (1 share for every 9 shares) |
|
New Capital |
SAR 500 |
|
New number of shares |
50 mln |
|
Record date |
Dec. 16, 2019 |
|
Method |
Capitalizing SAR 50 mln from retained earnings account |
|
Driver |
To boost the company’s capital base, boost solvency margin and support future growth. |
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