SAICO recommends 20% capital hike via bonus issue

28/03/2018 Argaam

 

Saudi Arabian Cooperative Insurance Co. (SAICO) board of directors has recommended a capital increase to SAR 300 million from SAR 250 million through issue of one bonus share for every five shares held.

 

The bonus issue is subject to approvals of the extraordinary general meeting and regulatory authorities. 

 

Key Figures of the Capital Hike

Current Capital

SAR 250 mln

Number of shares

25 mln shares

Hike (%)

20% (1 for every 5 shares)

New Capital

SAR 300 mln

New number of shares

30 mln shares

Record date

The second day after the extraordinary general meeting

Driver

Supporting expansion plans and solvency margin

 

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