Riyadh- Mubasher: The Saudi CMA approved the request of AXA Cooperative Insurance Company to increase its capital to SAR 500 million from SAR 450 million through bonus shares.

The company will offer one bonus share for every nine existing shares owned by the entitled shareholders, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Thursday.

The capital increase will be issued by the end of the second trading day following the due date, which will be set out later.

Additionally, the increase will be paid through transferring a value of SAR 50 million from the retained earnings account into the firm’s capital. Therefore, AXA Insurance’s outstanding shares will rise by 5 million to 50 million shares from 45 million.

The extraordinary general meeting (EGM) will be held within six months from the approval date, the company affirmed, noting that it will consider all regulatory requirements and applicable laws.