Amana shareholders to vote on raising capital in January

31/12/2018 Argaam

 

Shareholders of Amana Cooperative Insurance Co. are set to vote on raising capital to SAR 240 million through a SAR 100 million rights issue on Jan. 28, the company said in a bourse statement on Monday.

 

The insurer had earlier postponed its extraordinary general assembly meeting on Dec. 25 due to a lack of quorum, Argaam reported.

 

Key Figures of the Capital Hike

Current Capital

SAR 140 mln

Number of shares

14 mln shares

New Capital

SAR 240 mln

Number of shares after capital hike

SAR 24 mln

Capital hike reason

To improve the company’s solvency and financial position

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