CHUBB Arabia Cooperative Insurance Co. Announces the Results of the Extra Ordinary General Assembly’s Meeting Approving Increase ( First Meeting )
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Chubb Arabia Cooperative Insurance is pleased to announce the results of the Extraordinary General Assembly (first meeting), which was held at 6:30 pm on Wednesday 23/04/1447 AH corresponding to 15/10/2025 AD, remotely by means of contemporary technology using Tadawulaty platform. |
| City and Location of the Extraordinary General Assembly's Meeting | Through modern technology means from the Company’s office in Khobar City (using Tadawulaty system) |
| Date of the Extraordinary General Assembly's Meeting | 2025-10-15 Corresponding to 1447-04-23 |
| Time of the General Assembly’s Meeting | 18:30 |
| Percentage of Attending Shareholders | 63.80 |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | Attendance:
1- Mr. Serge Michel Osouf (Chairman of the Board) 2- Mr. Stephen Brian Dixon (Vice Chairman) 3- Mr. Abdulaziz bin Abdul-Karim Elkhereji 4- Mr. Giles Richard Ward 5- Mr. Christine Raymond Mounis 6- Mr. Wahdan Bin Sulaiman Alkadi 7- Eng. Hisham bin Abdulrahman El-khereji 8- Mr. Mohammed bin Abdul-Karim Al-khereji 9- Mr. Nikolay Vyacheslav Dmitriev
Absent:
N/A |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Names of Those Attending on their Behalf | attended:
1- Mr. Abdulaziz bin Abdul-Karim Al-Khereijii (Chairman of the Executive Committee) 2- Mr. Mohammad Akeel Alshaya (Chairman of the Audit Committee) 3- Mr. Wahdan bin Sulaiman Alkadi (Chairman of the Nominations and Remuneration Committee) 4- Mr. Christine Raymond Mounis (Chairman of the Risk Committee) 5- Mr. Mohammed bin Abdul-Karim Al-khereiji (Chairman of the Investment Committee) |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | Approval of the Board of Directors' Recommendation Regarding Increasing the Company's Capital by Granting Free Shares to Shareholders as Follows:
1. The company's capital will be increased by capitalizing an amount of 100,000,000 Saudi Riyals by converting 52,000,000 Saudi Riyals from retained earnings and 48,000,000 Saudi Riyals from the statutory reserve. Shareholders will receive one share for every three shares owned. 2. The company's capital before the increase is 300,000,000 Saudi Riyals, and after the increase, it will amount to 400,000,000 Saudi Riyals, representing an increase of 33.33%. 3. The number of shares before the increase is 30 million shares, and after the increase, it will be 40 million shares. 4. The capital increase is part of the company's strategy to strengthen its capital base in line with future aspirations for expansion and growth, creating higher long-term value by investing in various available opportunities. 5.The entitlement date for the grant shares to the shareholders owning shares will be the date of the extraordinary general assembly, registered in the company's shareholder register with the Securities Depository Center (Edaa) at the end of the second trading day following the entitlement date. 6. In case of fractional shares, they will be aggregated into a single portfolio for all shareholders, sold at market price, and their value will be distributed to eligible shareholders based on their respective shares within a period not exceeding 30 days from the date of determining the eligible shares for each shareholder.
Amendment of Article Eight of the Company's Articles of Association Related to Capital. Amendment of Article Nine of the Company's Articles of Association Related to Share Subscription. |
| Additional Information | If there are any inquiries please contact Investor Relations at:
Tel: 0138047662
E-mail : [email protected] |
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