Riyadh – Mubasher: The board of Aljazira Takaful Taawuni recommended, on 5 April, increasing capital by 16.86% through the issuance of bonus shares.

The company will distribute 0.1686 bonus share per each original share, according to a disclosure to Tadawul.

The new capital would stand at SAR 550 million distributed over 55 million shares, compared with SAR 470.66 million and 47.06 million shares prior to the increase.

Aljazira Takaful will therefore capitalize SAR 79.33 million from the company’s retained earnings account to carry out the capital hike.

The takaful company has achieved annual growth of 5.92% in net profits to SAR 39.989 million during 2020.

 

Source: Mubasher

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