The Capital Market Authority approves the capital increase request for Al Sagr Cooperative Insurance Company through the issuance of bonus shares

Tuesday, May 22, 2018 at 10:34 PM

Tue May 22, 2018 22:34

The CMA has issued its resolution approving Al Sagr Cooperative Insurance Company's request to increase its capital from SAR (250,000,000) to SAR (400,000,000) through issuing (3) bonus shares for every (5) existing shares owned by the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the due date which will be determined later by the Company's board, such increase will be paid by transferring an amount of SAR (119,000,000) from the “Retained Earnings” account and SAR (31,000,000) from “Statutory Reserves” account to the Company's capital. Consequently, increasing the Company's outstanding shares from (25,000,000) shares to (40,000,000) shares, by an increase of (15,000,000) shares. The extraordinary general assembly shall be held within six months from this approval date and the Company shall satisfy all regulatory requirements and applicable laws.