Insurance Insurance quote
Logo of Bupa Arabia for Cooperative Insurance Co.
Shareholders of Bupa Arabia for Cooperative Insurance Co. approved increasing capital to SAR 1.5 billion from SAR 1.2 billion through a 25% bonus share distribution during the extraordinary general meeting (EGM) held on Dec. 22.
Bupa Arabia will distribute one bonus share for every four shares held, the insurer said in a statement to Tadawul today, Dec. 25.
|
Bonus Issue Details |
|
|
Current Capital |
SAR 1.2 bln |
|
Number of Shares |
120 mln |
|
Percentage Increase |
25% (One share for every four shares held) |
|
New Capital |
SAR 1.5 bln |
|
Number of Shares |
150 mln |
|
Reason |
To support and strengthen Bupa Arabia’s capital base to enable it to achieve business growth and expand activities over the coming years |
|
Method of Increase |
Through capitalizing SAR 300 mln from retained earnings |
|
Record Date |
Dec. 22, 2022 (Shareholders registered with Edaa by the close of the second trading day following the record date) |
Shareholders also approved amending Article No. 8 of the company’s bylaws on capital increase.
In a separate statement, Tadawul announced that the fluctuation limit will be based on a share price of SAR 136.20 and the outstanding orders will be cancelled.
Edaa will add the bonus shares to shareholders’ portfolios before the start of trading on Dec. 27, the statement noted.
