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CMA OKs CHUBB Arabia capital hike

CMA OKs CHUBB Arabia capital hike
The company’s capital will be raised from SAR 100 million to SAR 200 million
CHUBB
8240
125.26% 42.80 23.80

Riyadh – Mubasher: The Capital Market Authority (CMA) approved the capital increase of CHUBB Arabia Cooperative Insurance through bonus shares.

The company’s capital will be raised from SAR 100 million to SAR 200 million through issuing one bonus share for every existing share, according to a bourse filing.

The bonus shares will be issued for the shareholders registered at the Security Depository Center (Edaa) at the end of trades of the day following the due date which will be determined later by the board.

The increase will be paid by transferring SAR 80 million from the retained earnings and SAR 20 million from the statutory reserves to the company's capital.

Consequently, the company's shares will rise from 10 million shares to 20 million shares, by adding 10 million shares.

The extraordinary general assembly shall be held within six months from this approval date and the company shall satisfy all regulatory requirements and applicable laws, the statement said.