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The board of directors of Al Ittihad Cooperative Insurance Company recommended to increase the capital of the company from 275 million to 400 million SR by distributing 45.45% of free shares (5 shares for 11 existing shares). As shown in the following table:
|
(Details capital increase) |
|
|
Current capital |
275 million riyals |
|
Current number of actions |
27.5 million shares |
|
Percentage increase |
45.45% (5 shares for 11 shares outstanding) |
|
Capital after increase |
400 million riyals |
|
Number of shares after the increase |
40 million shares |
|
Goal of the increase |
Support the capital of the company, strengthen its ability to assume a larger share of premiums and plan new insurance products while maintaining a sufficient solvency margin and able to withstand the expansion plans in a near future. |
|
Date of expiry |
AGM Day |
The company said in a statement on Tadawul that the increase would be achieved by capitalizing 95.7 million riyals from the deferral account again and 29.3 million riyals from the legal reserve.
The decision to recommend the capital increase and the number of shares awarded is subject to the approval of the Saudi Monetary Agency and to the approval of the General Assembly extraordinary.
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