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Bupa Arabia for Cooperative Insurance announces the recommendation of its Board of Directors to increase the company's capital through bonus shares.
Bupa Arabia for Cooperative Insurance announces the recommendation of its Board of Directors, on Monday 24th August 2015G, corresponding to 9 Thul Al-Qi,dah 1436H,to the General Assembly, subject to the obtaining of all required approvals from all the concerned authorities, to increase the capital of the company, to support the company's capital base,its future activities, through bonus shares as per the below:
To increase the capital from SR400 Million to SR800 Million, representing an increase of SR400 Million, an increase of 100%, through the issuing of 1bonus share for every 1 share held,increasing the number of shares from 40 Million shares to 80 Million shares, representing an increase of 40 Million shares, an increase of 100%, through the utilisation of SR400 Million of the company's existing retained income reserves.
The eligibility for these Bonus shares will be limited to the shareholders who are registered in the shareholder's register in the Securities Depository Centre (Tadawul) at the close of trading on the date of the extraordinary general assembly meeting day. The proposed increase in capital will only be initiated once all necessary approvals are received from all the required official authorities, as well as from the shareholders in the extraordinary general assembly meeting, and the extraordinary general assembly meeting date will be announced at a later stage.
In the case of any bonus shares having fractions these will be collected into one investment portfolio and will then be sold at market during the regulatory period allowed, within thirty days from the completion date of the allocation of the new 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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