Saudi Arabian Cooperative Insurance Co.’s (SAICO) general assembly has approved a 20 percent capital hike to SAR 300 million from SAR 250 million through the issue of one bonus share for every five shares held, the company said in a statement on Tadawul.

 

The capital increase will be paid by transferring an amount of SAR 50 million from the retained earnings account to the company's capital, the statement added.

 

Key Figures of the Capital Hike

Current Capital

SAR 250 mln

Number of shares

25 mln shares

Increase (%)

20% (one share for every 5 shares)

New Capital

SAR 300 mln

New number of shares

30 mln shares

Record date

June 7, 2018

Driver

Matching the company’s growth and boosting solvency margin

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