Saudi Arabia: CMA approves Bupa's capital increase

Source: Middle East Insurance Review | Nov 2022

Saudi Arabia’s Capital Market Authority (CMA) has approved the application for a capital increase by Bupa Arabia for Cooperative Insurance (Bupa) through the issuance of bonus shares.

Bupa’s capital is to be raised from SAR1.2bn ($319m) to SAR1.5bn through issuing one bonus share for every four existing shares owned by the shareholders who are registered in the shareholders registry at the Security Depository Centre as of the closing of the second trading day after the record date, which will be determined later by the insurer’s board.

The increase will be paid for by capitalising retained earnings amounting to SAR300m. Accordingly, the number of shares will increase from 120m to 150m. The move still needs to be approved by shareholders at an extraordinary general meeting.

Bupa announced the bonus issue in June 2022 in a statement lodged with the Saudi stock exchange. M

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