Amana Insurance submits capital increase file to CMA

Logo of Amana Cooperative Insurance Co.

Amana Cooperative Insurance Co. submitted to the Capital Market Authority (CMA) a file to increase its capital from SAR 130 million to SAR 430 million, through a rights issue offer.

The file was submitted on May 8, the insurer said in a statement to Tadawul.

The capital increase is subject to obtaining the required regulatory approvals, including the approval of the extraordinary general assembly.

Any material development will be announced in due course, the statement said.

In April, Amana Insurance obtained the Saudi Central Bank’s (SAMA) approval for the capital increase, Argaam reported.

In March, the company’s shareholders gave it the go-ahead to obtain the required approvals for the capital increase process.

The company’s board of directors recommended in January a capital hike through a SAR 300 million rights issue.

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