Al Sagr submits capital hike request via rights issue to CMA

31/12/2023 Argaam

Al Sagr submits capital hike request via rights issue to CMA

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. submitted, on Dec. 30, a request to the Capital Market Authority (CMA) to increase capital from SAR 140 million to SAR 300 million through a rights issue.  

 

In a statement to Tadawul, the insurer pointed out that the capital hike is subject to regulatory and shareholder approvals. 

 

Any material developments in this regard will be announced in due course, the statement added. 

  

The company’s board recommended, on Sept. 13, increasing capital through a SAR 160 million rights offering, Argaam earlier reported. 

 

The insurer received the approval of the Insurance Authority (IA) to increase its capital through a rights issue in December. 

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