Walaa Cooperative Insurance Co.’s shareholders have approved a 20 percent capital hike to SAR 528 million from SAR 440 million through the issue of bonus shares.
The capital hike aims to boost the company’s capital base and future activities.
Shareholders have also approved a cash dividend of 10 percent for fiscal year 2018, at SAR 1 per share, amounting to SAR 44 million.
Meanwhile, they have elected board members for the upcoming three-year term starting on May 25, 2019.
The new board will include Sulaiman Abdullah Al-Kadi, Khalifa Abdullatif Al-Mulhim, Wasef Salim Al Jabsheh, Sulaiman A. Al Twaijri, Waleed Bin Mohammed Bin Abdullah Al-Jaafari, Khalid bin Abdulrahman Al-Omran, Hatem Bin Fahd Balghoneim, Abdulrahman Abdul Mohsin Sulaiman Balghunaim, Jameel bin Abdullah A. Al-Molhem and Abdulaziz bin Saad Al Sheikh.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits on Wednesday May 22, 2019 for Walaa will be based on a share price of SAR 19.66.
The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Sunday May 26, 2019.
|
Key Figures of the Capital Hike |
|
|
Current Capital |
SAR 440 mln |
|
Number of shares |
44 mln |
|
Hike (%) |
20% (1 share for every 5 shares) |
|
New Capital |
SAR 528 mln |
|
New number of shares |
52.8 mln |
|
Record date |
May 21, 2019 |
|
Driver |
To boost the company’s capital base and future activities |
|
Dividend Details (2018) |
|
|
Dividend |
SAR 44 mln |
|
Percentage of capital |
10% (SAR 1 per share) |
|
Record date |
May 21, 2019 |
|
Payment date |
To be determined |
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