Chubb Arabia to double capital through bonus issue

Chubb Arabia Cooperative Insurance Co.’s board of directors has recommended doubling capital to SAR 200 million via the issue of 1:1 bonus shares, the company said in a statement to Saudi bourse, Tadawul.

Accordingly, the number of shares would increase from 10 million to 20 million.

The capital increase would be financed through SAR 80 million from retained earnings and SAR 20 million from statutory reserve.

The capital rise will go for boosting the capital base, as well as to fund expansions.

Shareholders of record on the extraordinary general meeting date are entitled to receive these shares.