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Al Sagr Cooperative Insurance Co. announced the Board’s recommendation to increase the capital by offering right issues by SAR 160 million to make the new capital SAR 300 million, in compliance with the minimum capital requirements for insurance companies, and supporting the company’s future plans and supporting the solvency margin.
The company stated on Thursday on Tadawul that the eligibility will be for shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the Issuer’s Shareholders at the Depository Centre at the end of the second trading day following the date of the General Assembly’s Meeting.
Adding that the Capital Increase is subject to the Saudi Central Bank and Capital Market Authority and other regulatory authorities’ approvals in addition to the approval of the company’s Extraordinary General Assembly. Announcements will be made later upon appointing a financial advisor for offering, as well as upon submitting the request for a capital increase to the Capital Market Authority for approval.