Riyadh - Mubasher: The Saudi Capital Market Authority (CMA) has approved on Monday the Company for Cooperative Insurance request to increase its capital from SAR 1 billion to SAR 1.25 billion, according to a statement.

The capital increase will be through the issuance of one bonus share for every four existing shares owned by the shareholders, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The capital raise will be paid by transferring an amount of SAR 250 million from the Retained Earnings account to the Company's capital.

This will increase the number of shares from 100 million shares to 125 million shares.

The bonus shares eligibility is limited to the shareholders who are registered in the shareholders registry at the close of trading on the day of the extraordinary general meeting (EGM), which will be determined later by the Company's board, and should be held within six months from the approval date.