Al-Etihad Insurance shareholders to vote on capital increase to SAR 450 mln on June 30

Logo of Al-Etihad Cooperative Insurance Co.

Shareholders of Al-Etihad Cooperative Insurance Co. will vote on increasing the company’s capital to SAR 450 million from SAR 400 million through a one-for-eight bonus issue, during an extraordinary general meeting (EGM) scheduled for June 30.

The capital will be increased through transferring SAR 20 million from retained earnings and SAR 30 million from the statutory reserve, the company said in a statement to Tadawul.

The shareholders will also vote on amendments to some articles of association related to the company’s capital, objective, headquarters, corporate governance regulations.

Other agenda items include voting on the business relationships between the company and Kuwait Reinsurance Co. (Kuwait Re), National Amlak Investment Co., Kuwait-based Ahleia Insurance Co.

The shareholders can start e-voting on the agenda items from June 27.

In March, Al-Etihad's board recommended a 12.5% bonus issue to increase the company’s capital, Argaam earlier reported.