RIYADH: Saudi-listed Bupa Arabia for Cooperative Insurance received the Central Market Authority's approval to raise its capital to SR1.5 billion ($400 million) to support future growth plans.
The capital plan entails raising the current capital of SR1.2 billion by SR300 million, or 25 percent, through the issuance of bonus shares, according to a statement by the CMA.
Shareholders are set to receive one bonus share for every four shares held, by capitalizing an amount of SR300 million from retained earnings.
“This increase reflects Bupa Arabia's desire to strengthen its capital base to be able to achieve further growth rates in the company's business and to support its future growth plans in the coming years,” according to the insurer.
