Riyadh – Mubasher: The Company for Cooperative Insurance's (NCCI) (Tawuniya) board recommended a capital increase through 1:4 bonus shares and the distribution of cash dividend for 2016.
The board proposed raising the SAR 1 billion capital by SAR 250 million to become 1.250 billion, with a 25% increase and consequently the number of shares will rise to 125 million from 100 million shares.
The Saudi-listed company aims to support the capitalised base of the firm, which will contribute to boosting the growth rates and expansion of its businesses over the coming years.
The eligibility will be for the shareholders of record till the close of trading on the extraordinary general meeting date, which will be announced later.The capital raise and the number of bonus shares are subject to the approval of the specialised bodies and EGM.
The company's board recommended the distribution of cash dividends for 2016, representing 50% of the nominal value of SAR 5 per share, totaling SAR 500 million, according to a bourse statement.
