CMA approves capital raise requests of Wafa, Saico, Buruj, Al Alamiya and AXA through a rights issue

The Capital Market Authority (CMA) approved the submitted requests of Saudi Indian Company for Co- operative Insurance (Wafa), Saudi Arabian Cooperative Insurance Company (Saico), Buruj Cooperative Insurance Company, Al Alamiya for Cooperative Insurance Company and AXA Insurance Company for capital raise though a rights issue.
 

Companies’ rights issue IPO will be conducted in accordance with the tradable rights framework; the rights issue prospectus will be available to the public at a later time, CMA stated.
 

An investment decision based on company’s board recommendation to raise its capital or the CMA’s approval without carefully reading the rights issue prospectus or fully reviewing its content may involve high risk.

Therefore, investors should carefully read the prospectus, which includes detailed information about the company, the offering and risk factors, thus providing investors with the ability to evaluate the viability of the investment, taking into consideration the associated risks.

If the prospectus proves difficult to understand, it is recommended to consult with an authorized financial advisor prior to any investment decision; according to the CMA’s statement.