The Capital Market Authority (CMA) has approved to increase Bupa Arabia for Cooperative Insurance Company’s capital to SAR 1.50 billion from SAR 1.20 billion through bonus shares.

The transaction will be carried out by capitalising SAR 300 million from the retained earnings account after issuing one bonus share for every four owned shares, according to a bourse disclosure.

Consequently, the number of shares will stand at 150 million shares after the raise process, higher by 30 million than 120 million shares.

In the first six months (6M) of 2022, Bupa Arabia achieved net profits before Zakat worth SAR 428.97 million, an annual decline of 15.73% from SAR 509.02 million.

Meanwhile, the earnings per share (EPS) stood at SAR 2.93 during the first half (H1) of 2022, lower than SAR 3.58 in H1-21.