Riyadh – Mubasher: The extraordinary general assembly meeting (EGM) of AXA Cooperative Insurance Company has approved the board of directors’ recommendation to raise capital by 11.11% or SAR 50 million through the issuance of bonus shares.

This will raise the company’s capital from SAR 450 million to SAR 500 million, with an increase in the number of shares from 45 million shares to 50 million shares.

Bonus shares will be issues as one bonus share for every nine original shares, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The capital hike will be financed through retained earnings account.

Accordingly, Tadawul announced earlier today that fluctuation limits on Tuesday 17 December for AXA’s stock will be based on a share price of SAR 26.

The Securities Depository Center (Edaa) will deposit the additional shares into the investor’s portfolios by Thursday 19 December.