Riyadh – Mubasher: The shareholders of Wataniya Insurance Company have agreed to raise its capital by 100% from SAR 200 million to SAR 400 million.
The insurer will increase its capital by SAR 200 million through a rights issue, according to a bourse filing on Thursday.
Moreover, the new capital will be distributed over 40 million shares, compared to 20 million shares prior to the raise.
The capital increase aims to support Wataniya Insurance’s future business and its solvency position as required by the Saudi Central Bank (SAMA).
It is worth noting that the Capital Market Authority (CMA) approved the capital hike last March.
