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Aljazira Takaful Taawuni Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares
8012
JAZIRA TAKAFUL
-0.11
%
1444/09/08 30/03/2023 08:36:34
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Aljazira Takaful Taawuni Company recommended through their resolution dated on 29-03-2023 to the Extraordinary General Assembly to increase the Company’s capital by 20% through granting bonus shares. Such increase will be via capitalizing 110,000,000 Saudi Riyals from the Share Premium Account. Each shareholder will be granted one bonus share for every five shares owned. |
| Date of Board Meeting | 2023-03-29 Corresponding to 1444-09-07 |
| Capital before increase | SAR 550,000,000 |
| Capital after increase | SAR 660,000,000 |
| Percentage of Capital increase | 20 % |
| Number of shares before Capital increase | 55000000 |
| Number of shares after Capital increase | 65000000 |
| Reasons for the increase | Capitalization of 110,000,000 Saudi Riyals from the Share Premium Account to grant shareholders one bonus share for every five shares. This is due to the strengthening its financial efficiency and competitiveness in the sector. |
| Number of Shares Granted per Exiting Share | Granting one share for every five shares. |
| Nature and Value of Reserves Used in the Capitalization | The increase will be through capitalization of 110,000,000 Saudi Riyals from the retained earnings. |
| Eligibility Date | Eligible Shareholders are Those Holding Shares in the Eligibility Date as per the Shareholders Registry at the Deposit Center at The End of The Second Working Day after Eligibility Date |
| Fractional Shares | In case there were bonus shares fractions, the Company will collect all fractions in one portfolio for all shareholders to be sold at market price, then the amount will be distributed among the eligible shareholders proportionately as per ownership percentage within a period not exceeding 30 days from the date of determining the due shares for each shareholder. |
| Approvals | The proposed grant is subject to obtaining necessary approvals from competent authorities and Extraordinary General Assembly on the capital increase and number of granted shares. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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