Saudi Arabian Cooperative Insurance Co.’s (SAICO) general assembly has approved a 20 percent capital hike to SAR 300 million from SAR 250 million through the issue of one bonus share for every five shares held, the company said in a statement on Tadawul.
The capital increase will be paid by transferring an amount of SAR 50 million from the retained earnings account to the company's capital, the statement added.
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Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 250 mln |
|
Number of shares |
25 mln shares |
|
Increase (%) |
20% (one share for every 5 shares) |
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New Capital |
SAR 300 mln |
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New number of shares |
30 mln shares |
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Record date |
June 7, 2018 |
|
Driver |
Matching the company’s growth and boosting solvency margin |
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