Arabian Shield gets SAMA nod on 33.3% capital hike to SAR 400 mln

Logo of Arabian Shield Cooperative Insurance Co.

Arabian Shield Cooperative Insurance Co. received, on April 8, 2021, an approval from the Saudi Central Bank (SAMA) to raise capital from SAR 300 million to SAR 400 million, the insurer said in a statement to Tadawul.

The process will be financed through capitalizing SAR 80 million from retained earnings account and SAR 20 million from statutory reserve.

In January 2021, the insurer’s board of directors recommended a 33.33% capital hike to SAR 400 million from SAR 300 million through the issuance of bonus shares, Argaam reported.