AlRajhi Takaful BOD recommends capital increase to SAR 1 billion by granting bonus shares

Al-Rajhi Company for Cooperative Insurance (AlRajhi Takaful) Board of Directors, through circulation, recommended to the Extraordinary General Assembly to increase AlRajhi Takaful’s capital by 150% through granting bonus shares to the AlRajhi Takaful’s shareholders through capitalization of SAR 600 Million from the retained earnings by way of granting 1.50 shares for every one share owned.

The proposed grant is subject to obtaining necessary approvals from official authorities and Extraordinary General Assembly on the capital increase and number of granted shares.

This is to support the capital base, which contributes to supporting the company’s strategic and expansion plans by continuing to provide insurance solutions to the company’s clients, including individuals, corporate and SMEs.

The company stated on Sunday on Tadawul that the Capital before the increase was SAR 400,000,000 and

Capital after increase will be SAR 1,000,000,000, the Percentage of Capital increase is 150 %, the Number of shares before the Capital increase was 40000000 and Number of shares after Capital increase will be 100000000

Supporting the capital base, which contributes to supporting the company’s strategic and expansion plans by continuing to provide insurance solutions to the company’s clients, including individuals, corporate and SMEs.

Eligibility will be to shareholders who hold shares in the eligibility date as per the shareholders registry at the deposit center at the end of the second working day after eligibility date

In case of bonus shares fractions occurrence; the AlRajhi Takaful will collect all fractions in a single portfolio to be sold at market price, the value will be distributed to eligible shareholders each by their share during 30 days from the allocation of new shares to each shareholder