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Arabian Shield proposes 33% capital rise

Arabian Shield proposes 33% capital rise
One bonus share will be granted for every three shares
ARABIAN SHIELD
8070
-0.51% 29.45 -0.15

Riyadh – Mubasher: The board of Arabian Shield Cooperative Insurance Company has recommended raising the company's capital by 33.33% to SAR 400 million from SAR 300 million by granting bonus shares.

One bonus share will be granted for every three shares, according to a bourse filing on Wednesday.

The company will raise its capital through capitalisation of SAR 80 million from retained earnings and SAR 20 million from statutory reserves.

This recommendation, conditional on the approval of the official authorities and extraordinary general meeting (EGM), seeks to enhance the solvency of capital.

It is noteworthy to mention that during the third quarter (Q3) of 2020, the company's net profits climbed to SAR 16.57 million from SAR 3.35 million in the same period of 2019.