Walaa gets SAMA nod on SAR 425 mln capital hike via rights issue

Saudi Central Bank (SAMA) approved the request received from Walaa Cooperative Insurance Co. to increase its capital by SAR 425 million through a rights issue, the insurer said in a statement to Tadawul today, Nov. 21.

Walaa added that any future developments will be announced, while noting that the approval was received on Nov. 20.

On Sept. 17, the board recommended increasing the company’s capital through a SAR 425 million rights offering, Argaam earlier reported.

Source : Argaam