Shareholders of Amana Cooperative Insurance Co. approved the board's recommendation to increase capital by 71.43 percent to SAR 240 million through a SAR 100 million rights issue, the company said in a bourse statement on Monday.

 

The capital raise will be directed to boost the company's solvency and financial position, the statement added.

 

Details of Capital Hike

Current Capital

SAR 140 mln

Number of shares

14 mln shares

Increase percentage

71.41% (0.71 share for every outstanding share)

New Capital

SAR 240 mln

Number of shares after capital hike

SAR 24 mln

Record date

Jan. 28, 2019 (Shareholders of record on Jan. 30, 2019

Capital hike reason

To improve the company’s solvency and financial position

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