Saudi Al Rajhi Cooperative Insurance Company (Takaful Al Rajhi) received permission to increase capital to SAR 1 billion


The Saudi Capital Markets Authority announced that it has granted Al Rajhi Cooperative Insurance Company (Takaful Al Rajhi) a request to increase its capital from 400 million riyals to 1 billion riyals by issuing 1.5 free shares for every outstanding share. Shareholders registered in the issuer’s shareholders’ register at the depository center;

Effective date

Saudi Tadawul confirmed in a statement today, Tuesday, that the decision will take effect at the end of the second trading day following the deadline, which will be decided by the company’s board of directors at a later date.

Payment of Value and Increase of Shares

He mentioned that the payment of the capital increase cost will be made through the transfer of 600 million rials from the “retained earnings” item, which will increase the number of shares from 40 million to 100 million shares, increasing from 60. million shares.

Approval Conditions and Eligibility

The authority confirmed that the condition of approval requires that the date of the extraordinary general meeting of the company does not exceed six months from the date of this approval and that the company complies with the relevant legal procedures and requirements.

Previous assignment

On May 11, 2023, the company’s board of directors proposed to convene an extraordinary general meeting to increase the company’s capital by 150% by issuing shares to shareholders, capitalizing SAR 600 million from retained earnings and allocating 1.5 shares to the shareholder. at maturity.

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