Net assets worth SAR 4.497 billion will be contributed to the newly established company.
Bupa Arabia for Cooperative Insurance Co.’s shareholders approved dividing the company’s assets and liabilities between the existing company and a newly established wholly owned closed joint-stock spin-off, according to a statement to Tadawul. 
This took place during the company’s extraordinary general meeting (EGM).
The split will be carried out in accordance with the Companies Law and relevant regulations. The process includes transferring all assets and liabilities related to insurance operations, including insurance contracts with customers and certain employee contracts, to the new spin-off, while the remaining activities will continue under the existing company.
The net assets which will be transferred to the new entity include the following:
Details of Net Assets Transferred to the New Entity
Current Capital
SAR 1.5 bln
Number of Shares
150 mln
Stock Nominal Value
SAR 10
Statutory Reserve of Insurance Operations
SAR 1.5 bln
Retained Earnings
SAR 1.587 bln
End-Of-Service Benefits Reserve
SAR 5.6 mln
Reserve of Investments at Fair Value
SAR 84.3 mln
Shareholders approved that the spin-off would act as the legal successor to the company subject to the EGM’s decision.
Shareholders further approved changing the company’s name to Bupa Arabia Holding (or any similar name approved by the Ministry of Commerce), while granting the trade name Bupa Arabia for Cooperative Insurance to the new spin-off that will be established. In addition, net assets worth SAR 4.497 billion will be transferred as a contribution to the new company.
Net assets worth SAR 4.497 billion will be contributed to the newly established company.
Bupa Arabia for Cooperative Insurance Co.’s shareholders approved dividing the company’s assets and liabilities between the existing company and a newly established wholly owned closed joint-stock spin-off, according to a statement to Tadawul.
This took place during the company’s extraordinary general meeting (EGM).
The split will be carried out in accordance with the Companies Law and relevant regulations. The process includes transferring all assets and liabilities related to insurance operations, including insurance contracts with customers and certain employee contracts, to the new spin-off, while the remaining activities will continue under the existing company.
The net assets which will be transferred to the new entity include the following:
Details of Net Assets Transferred to the New Entity
Current Capital
SAR 1.5 bln
Number of Shares
150 mln
Stock Nominal Value
SAR 10
Statutory Reserve of Insurance Operations
SAR 1.5 bln
Retained Earnings
SAR 1.587 bln
End-Of-Service Benefits Reserve
SAR 5.6 mln
Reserve of Investments at Fair Value
SAR 84.3 mln
Shareholders approved that the spin-off would act as the legal successor to the company subject to the EGM’s decision.
Shareholders further approved changing the company’s name to Bupa Arabia Holding (or any similar name approved by the Ministry of Commerce), while granting the trade name Bupa Arabia for Cooperative Insurance to the new spin-off that will be established. In addition, net assets worth SAR 4.497 billion will be transferred as a contribution to the new company.
