Saudi Arabia’s Capital Market Authority (CMA) on Thursday approved Buruj Cooperative Insurance Co's request to increase its capital from SAR 250 million to SAR 300 million, through the issuance of one bonus share for every five existing shares owned by the shareholders.
The capital hike will be financed by transferring SAR 50 million from retained earnings to the company's capital, the CMA said in a statement.
The extraordinary general assembly should be held within six months from this approval date and the company should satisfy all regulatory requirements and applicable laws, it added.
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