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Al-Etihad Cooperative Insurance Co. Announces an update on the Board’s Recommendation to Increase the Capital by Granting Bouns Shares
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of Al-Etihad Cooperative Insurance Company dated 07/08/2023 Corresponding to 20/01/1445H regarding the Board’s Recommendation to Increase the Capital by Granting Bouns Shares. The Company announces receiving Insurance Authority approval on 29/07/1445H corresponding to 10/02/2024 to increase the company’s capital from (SAR 450,000,000) to (SAR 500,000,000) by capitalizing the amount of the increase (SAR 50,000,000) through Retained Earnings. The letter also included Insurance Authority no objection on the amendment of the “capital article” in the company’s Bylaws to the new capital provided that the company fulfills all the requirements from other authorities. The approval is valid for one year from its date to complete the capital increase process. |
| Previous Announcement | Al-Etihad Cooperative Insurance Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-08-07 Corresponding to 1445-01-20 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Receiving Insurance Authority approval on the capital increase through bonus shares |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | None |
| Additional Information | Announcements will be made later for any future developments once they are available and must be announced. |
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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