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Walaa Cooperative’s board proposes SAR 1/shr dividends for 2018

Walaa Cooperative’s board proposes SAR 1/shr dividends for 2018
The board also proposed raising the Saudi insurance firm’s capital by 20%
WALAA
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Riyadh – Mubasher: Walaa Cooperative Insurance on Tuesday announced that the company’s board of directors recommended a cash dividends distribution of SAR 1 per share at a total value of SAR 44 million for 2018.

The eligibility of dividends shall be for the shareholders on the ordinary general meeting (OGM) date, set to be announced later, and who are registered in the register of The Securities Depository Center Company at the end of the second trading day following the eligibility date, according to a statement to the Saudi Stock Exchange (Tadawul).

The board also proposed raising the Saudi insurance firm’s capital by 20% by issuing 1-for-five bonus shares to strengthen the company’s capital base and support its future activities.

Walaa Cooperative’s capital is planned to be increased to SAR 528 million from SAR 440 million, through capitalising SAR 88 million from the company’s retained profits.

For the full-year 2018, the Saudi insurance firm’s profits fell 29% to SAR 100.37 million, compared to SAR 141.73 million in 2017.