Tawuniya shareholders to vote on capital hike to SAR 1.5 bln via bonus issue on Aug. 28

07/08/2023 Argaam
Logo ofThe Company for Cooperative Insurance Co. (Tawuniya)

Logo of The Company for Cooperative Insurance Co. (Tawuniya) 

The Company for Cooperative Insurance Co. (Tawuniya) shareholders will vote on increasing capital by 20% to SAR 1.5 billion through 1-for-5 bonus share distribution, during the extraordinary general meeting (EGM) scheduled for Aug. 28.

 

Capital Increase Details

Current Capital

SAR 1.25 bln

Number of Shares

125 mln

Percentage of Increase

20%

Method of Increase

One share for every five shares held

New Capital

SAR 1.5 bln

Number of Shares

150 mln

Reason

Strengthening the company's capital base will contribute to business growth and expansion over the coming years.

Reserves to be used in issuance of capitalization

Capitalizing SAR 250 million from retained earnings

Eligibility

Aug. 28, 2023 (Shareholders registered with Edaa by the end of the second trading day following the EGM date.)
 
In July, the Capital Market Authority (CMA) approved the company's application to increase capital from SAR 1.25 billion to SAR 1.5 billion through 1-for-5 bonus share distribution, according to Argaam's available data.

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