Published: Aug 06, 2014
Source: Tadawul

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Addendum announcement from united cooperative assurance co related to the receipt of the conditional approval from SAMA on the capital increase through rights issue

With reference to the company announcement dated 24/06/1435H corresponding to 24/04/2014G related to the receipt of the conditional approval from SAMA on the capital increase,

And the announcement of recommendation by the board of directors through a circular resolution dated 24/09/1435H corresponding to 21/07/2014G, an increase in the company's capital through a rights issue with a total value of SAR 210 Million

United Cooperative Assurance Company announces receipt on Tuesday 09/10/1435H corresponding to 05/08/2014G SAMA letter reference 351000126033 Containing the approval on the company application to raise its capital by 210 Million Riyals through a rights issue further to the fulfillment of all SAMA requirements set in the conditional approval.

The Company will submit its application to the CMA and complete any other Regulatory procedures in due course. The Board of Directors will also recommend to the extraordinary general assembly the capital increase, the definition of the share price and the number of shares. The offer of additional shares will be limited to the shareholders of record at the end of trading on the day of the extraordinary general assembly, the date of which will be announced after receiving the necessary approvals.

The reasons for recommendation are to maintain the solvency margin of the business and support the future growth of the company. 

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