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Bupa Arabia for Cooperative Insurance Co. announces the results of shareholder extraordinary general assembly meeting approving company's capital Increase
Bupa Arabia for Cooperative Insurance announces the results of the Extraordinary General Assembly meeting of its shareholders, for the Capital increase, which was held on Monday 25th of Safar 1437H, corresponding to Monday 7th December 2015G, at 4:00 pm at Bupa Arabia's Jeddah offices, Al-Rawdah Street, Al-Khalediyah District, under the Chairmanship of the Chief Executive Officer Tal Hisham Nazer. A quorum of 53% of the total shares of the Company's 40 million shares was achieved pursuant to article 91 of the Ministry of Commerce regulations and article 32 of the company's Bylaws. The agenda was thoroughly discussed and the results were a unanimous approval of the following:
Resolution (1): Approval of the increase in capital from SR400 million to SR800 million, thereby increasing the total number of shares from 40 million shares to 80 million shares, by issuing 40 million bonus shares through issuing 1 bonus share for every 1 share held, by utilizing SR400 million of the Company's existing retained income reserves, as of 30th June 2015G. The share capital value and the number of shares issued will therefore both increase by 100%.The purpose of increasing the capital is to support the Company's capital base and its future activities.
Resolution (2): Approval of the amendments to Article (7) and Article (8) of the by-laws of the Company to reflect the proposed increase in the capital of the Company to be as follows:
Article 7: The Company capital is SR800, 000,000 , Saudi Riyals eight hundred million, divided into 80,000,000 , eighty million , shares of equal value and the value of each share is SR10 , ten , Saudi Riyals per share.
Article 8: Shareholders have fully subscribed for the company capital shares and paid in full value.
Resolution (3): Approval of the authorisation for the Board of Directors to conclude all requirements necessary to complete the issue of bonus shares to the shareholders, amend the Company's by-laws to reflect the increase in capital, and to fulfil all other regulatory requirements associated with this proposed increase in the capital of the company
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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