Buruj Insurance obtains SAMA’s pre-approval for its SAR 120m rights issue

Buruj Cooperative insurance Company said that it received the Saudi Arabian Monetary Agency’s (SAMA) preliminary approval for a proposed capital raise of SAR 120m through a rights issue.

In order to be eligible for SAMA’s final Approval; the company should fulfill some requirements within a four months period. Buruj should then submit the capital raise approval file to the CMA as well as obtaining other bodies’ approvals such as the Ministry of Commerce and Industry to complete the statutory procedures as indicated by the company in its filing to Tadawul today.