United Cooperative Insurance Company intends to increase the company's capital through a rights issue.
According to Arabiya Net, the company said in a statement that the total amount to be obtained is 300 million riyals.
She added that the reasons for the increase were to support the expansion of the company's activity.
Eligibility is for the shareholders who own the shares on the day of the extraordinary general assembly which decided to increase the capital by offering rights shares and whose names appear in the issuer's shareholder register at the Depository Center At the end of the second trading day following the date of the Assembly.
The company stated that it had appointed BMG Financial Group as a financial advisor and submitted a capital increase request file to the Capital Market Authority.
The recommendation is awaiting approval from the relevant official bodies and the Extraordinary General Assembly.
It is mentioned that the company's paid-in capital is 400 million riyals, divided into 40 million shares.
In a separate statement, the United Cooperative Insurance Company announced the approval of the Board of Directors to accept the resignation of the independent Board Member, Khaled Bakr Alam, from his position on October 12, 2021, The resignation shall take effect from October 14, 2021, and the reason for the resignation is due to personal matters.
