Takaful News - Saudi Arabia: Bupa Arabia gets green light to double share capital

Source: Middle East Insurance Review | Jan 2016

Shareholders of Bupa Arabia for Cooperative Insurance have approved an increase in the company’s capital from SAR400 million (US$106.6 million) to SAR800 million.

The increase, approved at an extraordinary shareholders’ meeting, will be effected through the issuance of 40 million shares by granting one bonus share for each existing share. The move will double the number of shares in the company from 40 million to 80 million. The capital hike will be financed through transferring SAR400 million from retained earnings.

Bupa Arabia had earlier received approval from the Capital Market Authority (CMA) and the Saudi Arabian Monetary Authority (SAMA) for the increase.

For the nine months ended 30 September, Bupa Arabia’s GWP increased 27% y-o-y to SAR6.2 billion, while its net underwriting result improved by 83%.

SAR1 = US$0.27

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