Tawuniya proposes capital hike via 20% bonus shares, 10% dividend for 2022

08/05/2023 Argaam Exclusive

The board of The Company for Cooperative Insurance (Tawuniya) recommended on May 7 increasing the company’s capital by 20% to SAR 1.5 billion through one-for-five bonus share distribution. 

 

The board also recommended a 10% cash dividend, at SAR 1 per share, for 2022. 

 

In a separate statement to Tadawul, Tawuniya said its board also recommended a 10% cash dividend, at SAR 1 per share, for 2022.

 

Capital Increase Details

Current capital

SAR 1.25 bln

Number of shares

125 mln

Percentage of increase

20%

Method of increase

1-for-5 bonus issue

Capital after increase

SAR 1.5 bln

Shares after increase

150 mln

Reason

To support the company’s capital base, raise growth rates and expansions in the coming years

Used reserves

SAR 250 mln will be capitalized from retained earnings

Record date

Shareholders of record by the close of trading on the date of EGM, and those registered with Edaa by the end of the second trading day following the EGM date, to be announced later.

 

Dividend Details (2022)

Total dividend 

SAR 125 mln

Percentage of capital

10% (SAR 1 per share)

Record date

Shareholders of record by the close of the second trading day following the EGM date, to be announced later.

Payment date

To be announced

 

Fractional shares, if any, will be collected into one investment portfolio to be sold at market price. The value of the sold portfolio will be distributed to eligible shareholders pro rata within 30 days as of the date of the new shares allocation.

 

The bonus share distribution is subject to obtaining all necessary approvals from the competent authorities as well as the company’s shareholders, the statement added.

Dividend History (SAR/share) Corporate Actions

Announcement Ex-Dividend Payment Dividends
(M Riyal)		 Dividends * Notes
08/05/2023 07/06/2023 19/06/2023 125.00 0.83
06/04/2021 29/04/2021 09/05/2021 100.00 0.67
15/02/2017 21/03/2017 27/03/2017 500.00 3.33
21/02/2016 21/03/2016 24/03/2016 100.00 0.67
11/02/2015 16/03/2015 19/03/2015 145.00 0.97
06/02/2012 12/03/2012 17/03/2012 262.50 1.75
12/02/2011 30/03/2011 06/04/2011 150.00 1.00
01/02/2010 09/03/2010 31/03/2010 200.00 1.33
07/02/2009 10/03/2009 26/03/2009 100.00 0.67
04/02/2008 11/03/2008 09/04/2008 500.00 3.33
Historical dividend per share adjusted for the effect of capital changes and bonus shares, if any

Dividend History

Consolidated cash dividend Cash dividend per share (SAR) * The stock price at the beginning of the period (SAR) Return on the base price
Last 3 Financial years 1.83 66.00 2.78 %
Last 5 Financial years 2.50 50.25 4.98 %
Last 10 Financial years 7.47 23.20 32.19 %
Based on the beginning of the period (January 1 of the base year)

Historical Dividends

The Company for Cooperative Insurance
166.20
(2.40) (1.42 %)

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Valuation Data (Latest Share Price)

P/E (TTM) 26.17
P/E Before Unusual Items (TTM) 26.17
P/BV 6.06
Dividend Yield 0.77 %
Market Cap. (M) 24,930.00
Return on Average Assets 4.89 %
Return on Average Equity 25.54 %

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