Walaa Cooperative Insurance Co. Announces the Submission of the Increase of the Company’s Capital by Offering Right Issues Application File to CMA
| Element List | Explanation |
|---|---|
| Introduction | With reference to the announcement of Walaa Cooperative Insurance Company on 18-09-2023G (Corresponding to 03-03-1445H) relating to the recommendation of the Board of Directors to increase the Company's capital, and with reference to the company’s announcement dated 16-08-1445H (corresponding to 26-02-2024G) regarding amending its recommendation to the Extraordinary General Assembly for increasing the company’s capital by offering rights issue shares, so that the total offering becomes (SAR 467,500,000) instead of (SAR 425,000,000), through offering a number of (42,500,000) ordinary shares with a nominal value of (SAR 10) per share, and an offering price of (SAR 11) per share.
And with reference to the Company’s announcement on 21-11-2023G (Corresponding to 07-05-1445H) regarding to receiving SAMA’s approval on increase the Company's capital by offering rights issue subject to meeting the requirements of other official authorities.
Walaa Cooperative Insurance Co. announces the submission of the application file to increase its capital by offering rights issue to the Capital Market Authority on (Thursday) date 07-03-2024G (Corresponding to 26-08-1445H). |
| Date of Submitting the Application File to CMA | 2024-03-07 Corresponding to 1445-08-26 |
| Application Subject | Application for Walaa Cooperative Insurance Co. capital increase by way of rights issue valued at (SAR 467,500,000). |
| Date of Announcing Board Recommendation to Increase the Company’s Capital by offering rights issue on Saudi Exchange’s Website | 2023-09-18 Corresponding to 1445-03-03 |
| Additional Information | Any developments in this regard will be announced later. |
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