The shareholders of Bupa Arabia for Cooperative Insurance Company agreed to increase the capital by 25% to SAR 1.50 billion from SAR 1.20 billion.

The Tadawul-listed firm will capitalise SAR 300 million from the retained earnings account by granting one bonus share for every four owned shares, according to a bourse disclosure.

Meanwhile, the number of shares will stand at 150 million shares, compared to 120 million shares prior to the raise.

In line with Bupa Arabia’s growth plans, the capital hike aims to back and reinforce the company’s capital base and enlarge its activities over the coming years.

It is worth noting that the shareholders granted their approval during the extraordinary general meeting (EGM), which was held on 22 December 2022.

Last October, the Capital Market Authority (CMA) greenlighted Bupa Arabia’s capital raise.

In the first nine months (9M) of 2022, the Saudi insurer logged a net profit before Zakat worth SAR 804.30 million, up 9.09% from SAR 737.30 million in 9M-21.