Riyadh – Mubasher: Saudi Arabia-based Bupa Arabia for Cooperative Insurance has obtained the Saudi Arabian Monetary Authority's (SAMA) approval to raise its capital.
Bupa will submit capital hike’s request to the Capital Market Authority (CMA), as well as complete regulatory approvals and procedures in line with the deadline, according to a statement on Wednesday to the Saudi Stock Exchange (Tadawul).
On Tuesday, the Saudi insurance firm announced the board of directors’ recommendation to distribute a cash dividend of SAR 2 per share, or 20% of the share's par value, for 2017, with total dividends of SAR 160 million.
The company’s board of directors had previously recommended raising capital by 50 % to SAR 1.2 billion from SAR 800 million via bonus shares in a bid to boost capital base and future operations.
By 10:41 am KSA time, Bupa’s stock rose 0.35% to SAR 110.
