Bupa Arabia GA increases capital to SR1.5 bln through bonus shares

Bupa Arabia for Cooperative Insurance Company (“Bupa Arabia”) announced on Sunday the Results of the Extraordinary General Assembly Meeting, (First Meeting).
Voting Results on the Items of the General Assembly’s Meeting Agenda’s:
•Resolution (1): Approved increasing the share capital from SR1,200 million to SR1,500 million by capitalizing SR300 million from the retained earnings account, thereby increasing the capital by 25%, and thereby increasing the number of shares from 120M shares to 150M shares, through offering 1 bonus share for every 4 shares owned.
The objective of this recommendation based on the Board’s desire to support and strengthen Bupa Arabia’s capital base to enable it to achieve growth in the Company’s business and expand its activities over the coming years. The date of entitlement to the bonus shares will be to any shareholders owning shares as per the securities depository center shareholder registry two days after the date of the Extraordinary General Assembly Meeting.
n the event of fractions of shares resulting from the capital increase, they will be grouped into one portfolio and sold at the market price and then the proceeds of the sale of the fractional shares distributed to the entitled parties on the date of entitlement, according to their shares and on the basis of the average selling price per share, and which shall be completed within a period not exceeding 30 days from the date of distribution of the correct shares to the beneficiaries according to the regulations.
•Resolution (2): Approved the changes in Article 8 of the Company’s By-Laws which is the change to the Company’s capital and the number of shares issued, provided Resolution 1 of this meeting has been approved.