Weqaya Takaful Board recommends a capital raise through rights issue

The Board of Directors of Weqaya Takaful Insurance and Reinsurance Company recommended, in its meeting held on Monday March 24, 2014,  a capital raise through SAR 150 m rights issue.

The company said that the capital increase is conditional on obtaining the regulatory approvals and extraordinary general assembly.

The participation in the rights issue IPO will be limited to registered shareholders at the extraordinary GA date. The price and number of offered shares will be determined by the company during the extraordinary general assembly.

The capital raise is intended to improve the company’s financial solvency, the company said in a filing to Tadawul.

According to the data available on Argaam, CMA decided, on February 26, 2014, to suspend trading on Weqaya’s shares until publishing the company’s annual financial statements for the year ended 31/12/2013.