Arabia Insurance GA increases capital to SR530 mln through offering rights shares

Arabia Insurance Cooperative Company (“Company”) announced on Monday the results of the Extraordinary General Assembly meeting (the first meeting) included capital increase approval, which was held at on Sunday 20/11/2022 by means of modern technology using the Tadawulaty system.
Voting Results on the Items of the General Assembly’s Meeting Agenda’s:
1. Approval of the Board of Directors’ recommendation to increase the company’s capital by issuing right shares according to the following:
A- The total amount of the offering: (SR265,000,000) two hundred and sixty-five million Saudi riyals, according to the following details:
Capital before increase: (SR265,000,000) Two hundred and sixty-five million Saudi riyals.
– Capital after the increase: (SR530,000,000) Five hundred and thirty million Saudi riyals.
– The rate of increase in the capital: 100%
The offering value of each share and its nominal value: (SR) 10 ten Saudi riyals
B- Reasons and method to increase the capital:
– Reasons for increasing the capital: To support the growth of the company’s business while maintaining the financial solvency requirements imposed by the Central Bank of Saudi Arabia.
– The method of increasing the capital: by issuing and listing right shares in the number of twenty-six million and five hundred thousand (26,500,000) ordinary shares, so that the number of shares after the increase becomes fifty-three million (53,000,000) ordinary shares.
Date of Eligibility: The shareholders who own shares on the day of the Extraordinary General Assembly and are registered in the company’s shareholder register at the Securities Depository Center Company (Depository Center) at the end of the second trading day following the date of the Extraordinary General Assembly.
d. Amending (Article No. 8) of the Company’s bylaws relating to capital.
2. Approval of the amendment of Article (3) of the Company’s Bylaws relating to the Purposes of Company.
3. Approval of the amendment of Article (4) of the Company’s Bylaws relating to the Participation and Acquisition.
4. Approval of the amendment of Article (5) of the Company’s Bylaws relating to Company’s Head Office.
5. Approval of the amendment of Article (7) of the Company’s Bylaws relating to the Company’s Investments.
6. Approval of the amendment of Article (12) of the Company’s Bylaws relating to the Trading of shares.
7. Approval of the amendment of Article (13) of the Company’s By-Laws relating to the Increasing capital.
8. Approval of the amendment of Article (14) of the Company’s By-Laws relating to the Reducing Capital.
9. Approval of the amendment of Article (15) of the Company’s By-Laws relating to the Company’s Management.
10. Approval of the amendment of Article (16) of the Company’s By-Laws relating to the Expiry of Board Membership.
11. Approval of the amendment of Article (17) of the Company’s By-Laws relating to the Membership Vacancy.
12. Approval of the amendment of Article (18) of the Company’s By-Laws relating to the Powers and Authorities of the Board.
13. Approval of the amendment of Article (19) of the Company’s By-Laws relating to the Remuneration of the Board of Directors, Chairman of the Board and Managing Director.
14. Approval of the amendment of Article (21) of the Company’s By-Laws relating to the Meetings of the board.
15. Approval of the amendment of Article (22) of the Company’s By-Laws relating to the Quorum at Meetings and Decisions of the Board.
16. Approval of the amendment of Article (24) of the Company’s By-Laws relating to the Agreements, Contracts and Conflict of Interests.
17. Approval of the amendment of Article (25) of the Company’s By-Laws relating to the Attending Meetings.
18. Approval of the amendment of Article (26) of the Company’s By-Law relating to the Incorporating Assembly.
19. Approval of the amendment of Article (27) of the Company’s By-Laws relating to the Competencies of Incorporating Assembly.
20. Approval of the amendment of Article (28) of the Company’s By-Laws relating to Authorities of the Ordinary General Assembly.
21. Approval of the amendment of Article (30) of the Company’s By-Laws relating to the Invitation of the General Assemblies.

22. Approval of the amendment of Article (32) of the Company’s By-Laws relating to the Quorum at the Ordinary General Meeting.

23. Approval of the amendment of Article (33) of the Company’s By-Laws relating to the Quorum at Extraordinary General Meeting.
24. Approval of the amendment of Article (37) of the Company’s By-Laws relating to Chairing the Assemblies and the Preparation of the Minutes.
25. Approval of the amendment of Article (39) of the Company’s By-Laws relating to the Appointment of the Auditor.
26. Approval of the amendment of Article (43) of the Company’s By-Laws relating to the Financial Documents/Instruments.
27. Approval of the amendment of Article (45) of the Company’s By-Laws relating to the Zakat, Reserve and distribution of dividends.
28. Approval of the amendment of Article (46) of the Company’s By-Laws relating to Maturity of profits.
29. Approval of the amendment of Article (47) of the Company’s By-Laws relating to Losses of the Company.
30. Approval of the amendment of Article (49) of the Company’s By-Laws
Relating to the Liability of Board Members.
31. Approval of the amendment of Article (50) of the Company’s By-Laws relating to the Dissolution of the Company.