United Assurance BOD recommends capital increase by offering right issues at SAR 300 million

The United Cooperative Assurance Company announced the Board’s recommendation issued by circulation to increase the company’s Capital by offering the right issues by SAR 300 million to make the new capital SAR 700 million, aiming at supporting the company’s future growth plans and supporting the solvency margin.

The company stated on Monday on Tadawul that eligibility for shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of is resolved and 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.

Stating that the Capital increase is subject to the Insurance Authority and the Capital Market Authority and other regulatory authorities’ approvals in addition to the approval of the company’s Extraordinary General Assembly.

Additionally, announcements will be made later upon appointing the financial advisor for offering, as well as upon submitting the request for capital increase to the CMA.