KSA - AXA shareholders approve 11.11% capital climb
Monday, 12 23 2019, Category: Insurance and Reinsurance, Country: Saudi Arabia
AXA Cooperative Insurance Co.'s shareholders approved an 11.11 percent capital increase from SAR 450 million to SAR 500 million through the issue bonus shares throughout the general assembly gathering started on December 16, 2019.
The capital increase plans to improve the company's capital base, increase solvency margin and support future expansion.
The process will happen through capitalizing SAR 50 million from retained earnings account.
Source: MENA FN