The stock exchange authorized the capital increase of Alborz insurance
According to the report of financial financial news, citing public relations and international affairs, Alborz Insurance Company, which is active in the country’s capital market with the symbol of Alborz and a capital of 35,000 billion Rials, with the aim of reforming the financial structure and improving the rating of financial prosperity, has increased its capital from The current claims of shareholders and cash receipts, accumulated profits and other reserves will increase by 11 thousand billion Rials.
According to this report, 4.900 billion Rials of this capital increase will be provided from the current demands of shareholders and cash receipts, 4.100 billion Rials from accumulated profits and 2.000 billion Rials from other reserves.
According to the announcement of the stock exchange organization, in the implementation of the securities market law of the Islamic Republic of Iran (approved in December 2004), the request for capital increase and the issuance of new shares of Alborz Insurance Company (public stock) has been investigated in this organization and there are cases that indicate contradictions with the laws and The related regulations have not been observed in the issuance of shares, therefore, the mentioned capital increase is unimpeded in the view of this organization, in compliance with the relevant laws and regulations.
In this capital increase, 11 billion shares of one thousand rials will be issued to increase the capital of this company by 11,000 billion rials.
The stock exchange organization has emphasized that the extraordinary general assembly can increase the capital from 46,000 billion rials to 70,000 billion rials from the accumulated profit in the amount of 21,500 billion rials and other reserves in the amount of 2,500 billion rials. billion Rials to delegate the approval and authority to implement it to the board of directors for two years, so that the company’s board of directors can implement it after obtaining permission from the Central Insurance and Stock Exchange Organization.
Based on this, it will be possible to start underwriting up to 60 days from the date of this license, and failure to start underwriting within the stipulated period will result in the cancellation of this license, and doing so will require obtaining a new license from this organization.
This report indicates that, according to Article 21 of the Securities Market Law, the registration of securities with the organization is aimed at ensuring compliance with the legal regulations and approvals of the organization and information transparency, and is a confirmation of benefits, a guarantee of profitability or a recommendation and order regarding the company or The plan related to securities will not be from the organization.