| Element List |
Explanation |
| Introduction |
Walaa Cooperative Insurance Co. Announces the Board Recommendation to Increase the Company’s Capital Through Bonus Shares as follows |
| Date of Board Meeting |
2019-04-08 Corresponding to 1440-08-03 |
| Capital before increase |
SAR 440 Million |
| Capital after increase |
SAR 528 Million |
| Percentage of Capital increase |
20 % |
| Number of shares before Capital increase |
44Million Shares |
| Number of shares after Capital increase |
52.8Million Shares |
| Reasons for the increase |
Strengthen the Company’s capital base and support its future activities |
| Number of granted shares per exiting share |
One bonus share for every 5 Shares held |
| Nature and value of reserves used in the capital increase |
Utilization of SR 88 Million of the company’s retained earnings account. |
| Entitlement Date |
The eligibility for these Bonus shares will be limited to the shareholders owning shares at the end of the day of the of the Company's General Assembly meeting and who are registered in the shareholder’s register of the Company in the Securities Depository Center at the close of the second trading day after the date of the General Assembly meeting day. The General Assembly date will be announced later after obtaining the necessary approvals from the relevant authorities. |
| Fractional stocks |
In the case of any bonus shares having fractions these will be collected into one investment portfolio and will then be sold at market price within thirty days from the completion date of the allocation of the new shares |
| Approvals |
The Company also wishes to draw the attention of the shareholders to the fact that this proposed increase in capital will only be initiated once all necessary approvals are received from all the required official authorities, as well as from the shareholders in the General Assembly. |
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