KSA - CMA Approves the Capital Increase of Walaa ins.
Tuesday, 05 07 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
The CMA has issued its resolution approving Walaa Cooperative Insurance Company request to increase its capital from SAR (440,000,000) to SAR (528,000,000) through issuing (1) bonus share for every (5) existing shares owned by the shareholders who are registered in the shareholders registry at the Security Depository Center as of the closing of the second trading day after the due date which will be determined later by the Company's board, such increase will be paid by transferring an amount of SAR (88,000,000) from the “Retained Earnings” account to the Company's capital. Consequently, increasing the Company's outstanding shares from (44,000,000) shares to (52,800,000) shares, by an increase of (8,800,000) shares. The extraordinary general assembly shall be held within six months from this approval date and the Company shall satisfy all regulatory requirements and applicable laws.