Saudi Arabia’s Capital Market Authority (CMA) on Thursday approved AXA Cooperative Insurance Co’s request to increase its capital from SAR 450 million to SAR 500 million, through issuance of one bonus share for every nine existing shares owned by the shareholders.

 

The capital hike will be financed by transferring SAR 50 million from retained earnings account to the company's capital, the market regulator said in a statement.

 

Accordingly, AXA’s outstanding shares will be increased from 45 million to 50 million shares.

 

The extraordinary general assembly should be held within six months from this approval date and the company should satisfy all regulatory requirements and applicable laws, the statement added.

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