The extraordinary general assembly (EGM) of Walaa Cooperative Insurance Company (Walaa) approved a 20% capital hike via issuing bonus shares during its meeting held on Tuesday, 21 May.
The Kingdom-based company will raise its capital to SAR 528 million instead of SAR 440 million by issuing bonus shares at 1-for-5 basis shares, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.Walaa noted that the capital hike aims at boosting the company’s capital base and future activities.
Moreover, the assembly approved distributing cash dividends of 10% to shareholders for the full-year 2018.
The company will pay total dividends of SAR 44 million, or SAR 1 per share.
The eligibility of dividends shall be for the shareholders at the end of trading on 21 May, and as per the registered shareholders in the register of the Securities Depository Center Company at the end of the second trading day following the eligibility date.