The United Cooperative Assurance Company announces the Board's Recommendation issued by circulation to Increase the company’s Capital by Offering Right Issues by SAR 300,000,000 to make the new capital SAR 700,000,000.
Date of Board Meeting
2023-12-10 Corresponding to 1445-05-26
Target Amount
SAR 300,000,000.
Reasons for the increase
Supporting the company’s future growth plans and supporting the solvency margin.
Eligibility date
Shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of is resolved and whose names so appear in the register of the Issuer's Shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly's Meeting.
Approvals
The Capital Increase is Subject to the Insurance Authority and the Capital Market Authority and other regulatory authorities’ approvals in addition to the approval of the company’s Extraordinary General Assembly.
Appointment of Financial Advisor and Submission of the Capital Increase Application File to CMA
Announcements will be made later upon appointing the financial advisor for offering, as well as upon submitting the request for capital increase to the Cap.
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