Arabian Shield OKs 50% capital hike via bonus shares

Riyadh – Mubasher: Arabian Shield Cooperative Insurance Company’s board of directors on Thursday recommended raising capital by 50% or SAR 100 million through bonus shares.

The capital of the insurance products and services provider will rise to SAR 300 million, up from SAR 200 million, as well as shares will increase to 30 million, instead of 20 million, according to a statement to the Saudi Stock Exchange (Tadawul).

In a bid to support the Saudi-based firm’s capital base, boost future expansions, and maintain solvency margin, the capital hike will be implemented through capitalising SAR 80 million of retained profits and SAR 20 million from statutory reserves, Arabian Shield noted. 

The company’s capital increase will be subject to regulatory and extraordinary general meeting's (EGM) approvals, the statement concluded. 

Mubasher Contribution Time: 15-Feb-2018 14:25 (GMT)
Mubasher Last Update Time: 15-Feb-2018 14:35 (GMT)

Request a Trial

Title:*
First Name:*
Last Name:*
Job Title:*
Phone:*
Company:*
Email:*
Country:*
Comments:
*Required Fields
 
Submit

Already Registered?

Username/ Email:
Password:
 
Login
Support & Feedback
Ask for free trial