Aljazira Takaful agrees to increase capital to SAR 660 mln by granting free shares

Aljazira Takaful Taawuni Company announced on Tuesday the results of the Extra ordinary General Assembly meeting including Capital Increase (Second Meeting), which was held at 07:30 pm on Monday 25-09-2023, via Modern technology means.

Voting Results:

1. Approval on the recommendation of the Board of Directors to increase company’s capital by granting bonus shares to shareholders with a value of SAR 110,000,000, as follows:

• Nominal value of the capital before the increase: (550,000,000) Saudi Riyals.

• Nominal value of the capital after the increase: (660,000,000) Saudi Riyals.

• Total capital increase amount: SAR (110,000,000).

• Number of shares before the increase: (55,000,000) shares.

• Number of shares after increase: (66,000,000) shares.

• Capital increase rate: 20%.

• Reasons for increasing capital: the strengthening its financial efficiency and competitiveness in the sector.

• Number of shares granted for each share: Granting (1) shares for every (5) shares owned.

• The capital increase will be by capitalizing an amount of 110,000,000 riyals from the share premium account.

• Eligibility Date: If capital increase is approved by the Company’s shareholders during the Extraordinary General Assembly meeting, the eligibility of bonus shares shall be for shareholders owning the shares by the end of trading day of the General Assembly meeting and are registered in the Company’s Shareholders Registry at the Securities Depository Center (Edaa) by the end of the second trading day following the Extraordinary General Assembly meeting date.

• Details of how to deal with fractional shares: In the event of fractional shares, the fractional shares will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to his share, within a period not exceeding 30 days from the date of determining the shares due to each shareholder.

• Amending Article (8.) of the Company’s bylaws relating to capital.