IssuerAnnouncementDetailsV2Portlet
United Cooperative Assurance Co. Announces the Board's Recommendation to Increase the Capital by Offering Right Issues
Element List | Explanation |
---|---|
Introduction | The United Cooperative Assurance Company announces the Board's Recommendation issued by circulation to Increase the company’s Capital by Offering Right Issues by SAR 300,000,000 to make the new capital SAR 700,000,000. |
Date of Board Meeting | 2023-12-10 Corresponding to 1445-05-26 |
Target Amount | SAR 300,000,000. |
Reasons for the increase | Supporting the company’s future growth plans and supporting the solvency margin. |
Eligibility date | Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of is resolved and whose names so appear in the register of the Issuer's Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly's Meeting. |
Approvals | The Capital Increase is Subject to the Insurance Authority and the Capital Market Authority and other regulatory authorities’ approvals in addition to the approval of the company’s Extraordinary General Assembly. |
Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA | Announcements will be made later upon appointing the financial advisor for offering, as well as upon submitting the request for capital increase to the Cap. |
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.