Riyadh: The shareholders of Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) agreed to increase its capital by 150% to SAR 1 billion from SAR 400 million.

Al Rajhi Takaful will transfer SAR 600 million from the retained earnings account by granting 1.50 bonus shares for each share, according to a bourse filing.

Following the hike process, the new capital will be distributed over 100 million shares, instead of 40 million shares.

The shareholders granted their approval for the capital raise during the extraordinary general meeting (EGM) that was held on 3 December 2023.

Last May, the board members proposed the capital increase to enhance the company’s funding and achieve strong growth rates over the next years.

In the first nine months (9M) of 2023, the Saudi firm recorded 223.88% higher net profits before Zakat at SAR 222.61 million, versus SAR 68.73 million in 9M-22.

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