Aljazira Takaful receives SAMA approval to increase capital to SAR 660 mln through share bonus

Aljazira Takaful Taawuni Co. Announced on Monday that the receipt of a letter from Saudi Central Bank dated 09/25/1444 AH corresponding to 04/16/2023 AD, which contains Saudi Central Bank approval to increase the company’s capital from 550,000,000 Saudi riyals to 660,000,000 Saudi riyals, by 20% through granting bonus shares. Such an increase will be via capitalizing 110,000,000 Saudi Riyals from the Share Premium Account. The letter also contains the Saudi central bank’s no objection to amending the “capital” article in the company’s articles of association in accordance with the new capital. The letter stipulated that the company should fulfil all requirements of other official authorities.

The company said today on Tadawul that it will announce any future developments in this regard as they become available.

This comes with the reference to the company’s announcement dated 03-03-2023 AD corresponding to 09-08-1444 AH regarding the Board of Directors’ recommendation to increase the company’s capital by granting bonus shares from 550,000,000 Saudi riyals to 660,000,00 Saudi riyals, subject to obtaining the approval of the competent authorities and the approval of the General Assembly on the capital increase and number of granted shares.