In reference to the announcement made by Al-Etihad Cooperative Insurance Company on 07/08/2023 (corresponding to 20/01/1445H) regarding the Board's Recommendation to Increase the Capital by Issuing Bonus Shares, the company has disclosed that it has received approval from the Insurance Authority on 29/07/1445H (corresponding to 10/02/2024) to augment the company's capital from SAR 450,000,000 to SAR 500,000,000. This increase, totaling SAR 50,000,000, will be capitalized through Retained Earnings.
Furthermore, the company has been granted approval by the Insurance Authority to amend the "capital article" in the company's Bylaws to reflect the new capital amount, provided that all requirements from other regulatory authorities are met. The approval is valid for one year from the date of issuance to facilitate the completion of the capital augmentation process.
