Riyadh – Mubasher: The shareholders of the Company for Cooperative Insurance (Tawuniya) approved the board’s recommendation to increase its capital to SAR 1.50 billion from SAR 1.25 billion.

Tawuniya will raise the capital by granting bonus shares to shareholders with a value of SAR 250 million, according to a bourse filing.

Meanwhile, the new capital will be distributed over 150 million shares, instead of 125 million shares prior to the hike.

The board members proposed the 20% raise last May to reinforce the company’s capital base, which contributes to enlarging the rates of growth and expansion of its business in the coming years.

In the first half (H1) of 2023, the listed firm achieved net profit before Zakat amounting to SAR 377.21 million, higher by 292.02% than SAR 96.22 million in H1-22.

Earnings per share (EPS) increased to SAR 2.56 in H1-23 from SAR 0.41 a year earlier.