Bupa Arabia for Cooperative Insurance Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( First Meeting )

-2.53 %
1444/06/01     25/12/2022 08:03:50

Element ListExplanation
Introduction Bupa Arabia for Cooperative Insurance Company (“Bupa Arabia”) announces the Results of the Extraordinary General Assembly Meeting, (First Meeting).
City and Location of the Extraordinary General Assembly's Meeting The General Assembly meeting was held through modern technology.
Date of the Extraordinary General Assembly's Meeting 2022-12-22 Corresponding to 1444-05-28
Time of the Extraordinary General Assembly's Meeting 18:30
Percentage of Attending Shareholders 72.31226%
Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees 1. Eng. Loay Hisham Nazer: Board Chairperson (Non-Executive)

2. Mr. David Martin Fletcher: Board Vice-Chairman (Non-Executive)

3. Mr. Tal Hisham Nazer: Managing Director & Chief Executive Officer

4. Dr. Abdulla Elyas: (Independent)

5. Mrs. Huda Alghoson: (Independent)

6. Mr. Osamah Shaker: (Independent)

7. Mr. Nigel Sullivan (Non-Executive)

8. Mr. Nader Mohammad Saleh Ashoor: (Executive Board Member)

9. Mr. Martin Houston: (Non-Executive)

Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf 1. Eng. Loay Hisham Nazer: Executive Committee Chairperson

2. Mr. Zaid Algwaiz: Audit Committee Chairperson

3. Mrs. Huda Alghoson: Nomination & Remuneration Committee Chairperson

4. Mr. Osamah Shaker: Investment Committee Chairperson

5. Mr. Martin Houston: Risk Management Committee Chairperson

Voting Results on the Items of the General Assembly's Meeting Agenda's •Resolution (1): Approved increasing the share capital from SAR 1,200 million to SAR 1,500 million by capitalizing SAR 300 million from the retained earnings account, thereby increasing the capital by 25%, and thereby increasing the number of shares from 120M shares to 150M shares, through offering 1 bonus share for every 4 shares owned. The objective of this recommendation based on the Board’s desire to support and strengthen Bupa Arabia’s capital base to enable it to achieve growth in the Company’s business and expand its activities over the coming years. The date of entitlement to the bonus shares will be to any shareholders owning shares as per the securities depository center shareholder registry two days after the date of the Extraordinary General Assembly Meeting. In the event of fractions of shares resulting from the capital increase, they will be grouped into one portfolio and sold at the market price and then the proceeds of the sale of the fractional shares distributed to the entitled parties on the date of entitlement, according to their shares and on the basis of the average selling price per share, and which shall be completed within a period not exceeding 30 days from the date of distribution of the correct shares to the beneficiaries according to the regulations.

•Resolution (2): Approved the changes in Article 8 of the Company’s By-Laws which is the change to the Company’s capital and the number of shares issued, provided Resolution 1 of this meeting has been approved.

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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Last Price 239.2
Net Change -6.2 (-2.53%)
Value Traded (Sar) 46,769,901
Volume Traded 192,644
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