AlJazira Takaful gets SAMA nod to 20% capital increase via bonus issue

17/04/2023 Argaam
Logo ofAlJazira Takaful Taawuni Co.

Logo of AlJazira Takaful Taawuni Co.

AlJazira Takaful Taawuni Co. received on April 16 the Saudi Central Bank’s (SAMA) approval to increase its capital by 20% from SAR 550 million to SAR 660 million. The capital will be raised through distributing bonus shares, via capitalizing SAR 110 million from the share premium account.

 

In a statement to Tadawul, the insurer pointed out that the letter included SAMA’s no-objection to amending the capital article in the company’s bylaws, provided that all other official competent authorities’ requirements are fulfilled in this regard. 

 

Any material development will be announced in due course, the statement added.

 

In March, the company’s board of directors recommended increasing the company’s capital by 20% via a 1-for-5 bonus-share distribution, Argaam earlier reported.

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