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Al Etihad Cooperative obtains regulatory nod for SAR 50m capital hike

Al Etihad Cooperative obtains regulatory nod for SAR 50m capital hike
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Riyadh – Mubasher: The Capital Market Authority (CMA) has approved Al Etihad Cooperative Insurance Company's request to increase its capital from SAR 450 million to SAR 500 million through 5 million bonus shares.

The company will carry out the capital raise through one bonus share for every nine owned shares by transferring SAR 50 million from the retained earnings account, according to a bourse disclosure.

Following the increase transaction, the number of shares will become 50 million instead of 45 million shares.

The regulatory authority’s approval was resolved on 18 April 2024.

Earlier in April, Al Etihad Cooperative’s board members agreed to pay out cash dividends worth SAR 27 million for 2023, where the listed firm generated net profits amounting to SAR 93.89 million.