Buruj Cooperative Insurance Co.’s board of directors has recommended a 20 percent capital hike to SAR 300 million from SAR 250 million through the issue of one bonus share for every five share held.

 

The capital hike will be financed from retained earnings.

 

The step aims to support the capital base to assist in increasing growth rate and business expansion. 

 

The process is pending approval from the general assembly and regulator.

 

Key Figures of the Capital Hike

Current Capital

SAR 250 mln

Number of shares

25 mln shares

Hike (%)

20% (1 for every 5 shares)

New Capital

SAR 300 mln

New number of shares

30 mln shares

Method

Bonus shares

Driver

Support the capital base to assist in increasing growth rate and business expansion

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