Riyadh – Mubasher: Malath Cooperative Insurance Company's board of directors will hold its extraordinary general meeting (EGM) on Thursday, 28 September to vote on a capital increase through rights issue shares.
The value of the rights issue shares amounts to SAR 380 million, Malath said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
The issued shares will be eligible to shareholders registered in the shareholders’ registry by the end of the second trading day following the EGM’s meeting.
Through the capital hike, the Saudi insurance firm aims to achieve the required solvency margin and support its future activities.
The EGM will also vote on amending the eighth item of the company’s articles of association in line with the capital hike.
The EGM's incomplete quorum on Monday, 11 September, led to the postponement of its meeting to 28 September.
In July, the Saudi Capital Market Authority (CMA) approved Malath’s request to raise its capital through a rights issue of shares at a value of SAR 380 million.
The company's current capital amounts to SAR 120 million, distributed over 12 million shares, with a par value of SAR 10 per share.
Malath's stock decreased 1.09%, closing at SAR 20.96 on Thursday.
