Riyadh - Mubasher: The Capital Market Authority (CMA) has approved the request of Amana Cooperative Insurance Company and Arabia Insurance Cooperative Company to raise their capital via a rights issue.
Amana seeks to increase its capital by way of the rights issue worth SAR 300 million, according to a bourse filing on Monday.
Meanwhile, Arabia Insurance will increase its capital by SAR 265 million.
It is noteworthy to mention that in late April, the Saudi Central Bank (SAMA) approved the increase of Amana’s capital to SAR 430 million from SAR 130 million through a rights issue.
In September 2021, the CMA gave the green light for Arabia Insurance's capital raise of SAR 265 million.
