AXA Cooperative Insurance Co.’s board of directors proposed an 11.11 percent capital hike to SAR 500 million from SAR 450 million, through the issuance of one bonus shares for every nine shares held.

 

The number of shares will be increased to 50 million, the insurer said in a statement to Tadawul on Sunday.

 

The company will recapitalize SAR 50 million from retained earnings and will use the capital hike proceeds to boost capital base and operations going forward.

 

Fractional shares will be accumulated in one portfolio and will be sold at market price within 30 days from the allotment process.

 

The capital hike is subject to the approval of the regulatory authorities and the extraordinary general assembly meeting, the statement added.

 

Key Figures of the Capital Hike

Current Capital

SAR 450mln

Number of shares

45 mln shares

Hike (%)

11.11% (1 share for every 9 shares held)

New Capital

SAR 500 mln

New number of shares

50 mln shares

Record date

On the extraordinary general assembly meeting date

Driver

To boost capital base and future operations

Method

Recapitalizing SAR 50 mln from retained earnings

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