Al-Etihad Cooperative Insurance Co. Announces an update on the Board’s Recommendation to Increase the Capital by Granting Bouns Shares

Al-Etihad Cooperative Insurance Co. Announces an update on the Board’s Recommendation to Increase the Capital by Granting Bouns Shares

11 February 2024 09:45 AM

Element List

Explanation

Introduction

With reference to the announcement of Al-Etihad Cooperative Insurance Company dated 07/08/2023 Corresponding to 20/01/1445H regarding the Board’s Recommendation to Increase the Capital by Granting Bouns Shares. The Company announces receiving Insurance Authority approval on 29/07/1445H corresponding to 10/02/2024 to increase the company’s capital from (SAR 450,000,000) to (SAR 500,000,000) by capitalizing the amount of the increase (SAR 50,000,000) through Retained Earnings. The letter also included Insurance Authority no objection on the amendment of the “capital article” in the company’s Bylaws to the new capital provided that the company fulfills all the requirements from other authorities. The approval is valid for one year from its date to complete the capital increase process.

Previous Announcement

Al-Etihad Cooperative Insurance Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bouns Shares

Date of Previous Announcement on Saudi Exchange’s Website

2023-08-07 Corresponding to 1445-01-20

Hyperlink to the Previous Announcement on the Saudi Exchange Website

Click Here

Latest Developments Of The Announced Event

Receiving Insurance Authority approval on the capital increase through bonus shares

The costs