Al Jazeera Takaful is intended to cooperate Takaful Island to increase the capital of the company by giving shares by 0.1686 shares per share owned by the shareholder.
According to Arab Net, Takaful Island said in a statement that the percentage of capital increase was 16.86% to become capital after an increase of 550 million riyals, instead of SR 470.66 million before the increase.
The company's shares after the increase reaches 55 million shares, instead of 47.07 million shares before the increase.
The company said the reasons for the increase were support and strengthening the capital base and future activities of the company.
It will be increased by capital 79.34 million riyals from the earnings account.
The right to shareholders' shareholders will be entitled to the arrival of the source shareholders at the depository at the end of the second day traded the following maturity date.
If there are shares in any of the free stocks, they will be assembled in one portfolio for all stocks and sold the market at a market price and then will be distributed to the shareholders' equity campaign, according to its share within a period not exceeding 30 days from the date of determining the new stocks owed to each shareholder.
The grant is conditional to take the approval of official authorities and the extraordinary general assembly on capital increase and the number of shares granted.
It is noteworthy that early March, a merger decision between Solidarity Takaful and Al Jazeera Takaful and ending the period of objection.
As a result of the integration deal, all shares of Solidarity Takaful and Al Jazeera Takaful by increasing its capital by issuing 12,066,403 new ordinary shares with a nominal value of 10 riyals per share for the shareholders of Solidarity Takaful registered in the shareholders of Solidarity Takaful at the Depositary Center at the end of the trading period on 25 February 2021.
