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The United Cooperative Assurance Company announces the latest developments regarding the Board’s recommendation to increase the company's capital by Offering Rights Issue.
| Element List | Explanation |
|---|---|
| Introduction | Whereas the United Cooperative Assurance Company had previously announced on 27 Jumad Alawal 1445H corresponding to 11 December 2023, the Board of Directors recommendation to increase the company’s capital by Offering Rights Issue amounting SAR 300 million, so that the company’s new capital would be SAR 700 million, the Board had decided at this current stage to cancel its recommendation and to consider adjusting the capital at a later stage. Accordingly, the United Cooperative Assurance Company announces the issuance of the Board’s decision dated 05 Rabi I 1446H corresponding to 08 September 2024 to cancel its previous recommendation to increase the capital, which was aimed to restructuring the company’s capital and writing-off the accumulated losses, as the Board will consider at a later stage aligning the company’s capital to achieve its aspirations. |
| Previous Announcement | The Board’s recommendation to increase the company's capital by Offering Rights Issue. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2023-12-11 Corresponding to 1445-05-27 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The Board of Directors decision to cancel the previous recommendation to the Extraordinary General Assembly to increase the company’s capital. |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | None. |
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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Company Performance
Key Parameters
Last Price 9.19
Net Change 0.06 (+0.66%)
Value Traded (Sar) 1,739,576.57
Volume Traded 190,120
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