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Al-Etihad Cooperative Insurance Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares
8170
ALETIHAD
1.08
%
1445/01/20 07/08/2023 08:22:36
| Element List | Explanation |
|---|---|
| Introduction | Al-ETIHAD Cooperative Insurance Company announces the decision of board of directors dated 19/01/1445 corresponding to 06/08/2023AD to recommend to the Extraordinary General Assembly to increase capital by granting bonus shares through capitalization of SAR 50 Million from the Retained Earnings by granting 1 share for every 9 shares owned by the shareholders on the eligibility date. This is subject to obtaining necessary approvals from official authorities and Extraordinary General Assembly on the capital increase and number of granted shares. |
| Date of Board Meeting | 2023-08-06 Corresponding to 1445-01-19 |
| Capital before increase | SAR 450,000,000 |
| Capital after increase | SAR 500,000,000 |
| Percentage of Capital increase | 11.11 % |
| Number of shares before Capital increase | 45000000 |
| Number of shares after Capital increase | 50000000 |
| Reasons for the increase | To strengthen the company’s capital base and support its future activities |
| Number of Shares Granted per Exiting Share | Granting 1 share for each 9 share owned by the shareholders at the eligibility date |
| Nature and Value of Reserves Used in the Capitalization | The increase will be through capitalizing SAR 50,000,000 from 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 of bonus shares fractions occurrence, the company will collect all fractions in one single portfolio to be sold at market price, the value will be distributed to eligible shareholders by their share during 30 days from the allocation of new shares to each shareholder |
| Approvals | The proposed grant is subject to obtaining necessary approvals from official 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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