Riyadh – Mubasher: The shareholders of Aljazira Takaful Taawuni Company approved, during the extraordinary general meeting (EGM), to increase the capital by 16.86% after granting 0.1686 shares for every one owned share.

The company will capitalise a total of SAR 79.33 million from the retained earnings account, according to a bourse disclosure on Wednesday.

Aljazira Takaful’s new capital will stand at SAR 550 million distributed over 55 million shares, compared to SAR 470.66 million and 47.06 million shares prior to the hike.

Last September, the Saudi Capital Market Authority (CMA) nodded for Aljazira Takaful’s capital raise through bonus shares.