Amana Insurance GA to discuss capital increase to SR430 mln

The Board of Directors of Amana Cooperative Insurance Company is pleased to invite the shareholders to participate and vote in the Extraordinary General Assembly Meeting (First meeting), that will be held 6:30 PM. on Sunday 28/10/1443H (Corresponding to 29/05/2022G) conducted through modern technology.

Meeting Agenda:

1- Voting on the Board recommendation for Capital Increase by offering Right Issue as follow:

– The total amount of the capital increase: 300,000,000 Saudi Riyals (three hundred million Saudi Riyals)

– The company’s capital before increase: 130,000,000 Saudi Riyals (one hundred and thirty million Saudi Riyals)

– The company’s capital after increase: 430,000,000 Saudi Riyals (four hundred and thirty million Saudi Riyals)

– Number of Shares before capital increase: 13,000,000 Shares (thirteen million Shares)

– Number of Shares After capital increase: 43,000,000 Shares (forty-three million Shares)

– The increase percentage from the current capital: 230.7%

– The reason for capital increase: Supporting the company’s future plans, enhancing solvency margin position and increasing investment income.

– Method of Capital Increase: by offering rights Issue of 30,000,000 (thirty million) ordinary shares at a value of 300,000,000 Saudi Riyals (three hundred million Saudi Riyals)

– Eligibility Date: In the event of approval of the company’s capital increase, the eligibility will be for the shareholders holding shares on the date of the extraordinary general assembly and whose names so appear in the company’s shareholders register at the Securities Depository Center Company (“Edaa”) at the end of the second trading day following the date of the Extraordinary General Assembly meeting.

– Amending Article no. (8) of the company’s By-Law that relating to Capital

Eligibility for registering the General Assembly’s Meeting’s attendance ends upon the convenience of the General Assembly’s Meeting. Eligibility for voting on the Business of the meeting agenda ends upon the Counting Committee Concludes Counting the Vote.

 Additional Information:

In the event the EGA does not convene or if after convening was unable to issue a decision on the capital increase or to proceed with the financial reorganisation procedure, the Company will be considered dissolved by force of law according to Article 150 of the Company Law. And if the EGA resolved to increase the capital, the subscription for all the capital increase shall be completed within (90) days from the EGA’s decision to increase.