The CMA announces the status of rights issue requests

The Capital Market Authority (CMA) announced the status of the companies requesting approvals for capital raise through rights issue as follows:

Company	Status
Saudi Arabian Cooperative Insurance Company (SAICO)	The request will be submitted to CMA’s board within 2 weeks of this announcement
Buruj Cooperative Insurance Company	The request will be submitted to CMA’s board within 2 weeks of this announcement
The Saudi Indian Company for Co-operative Insurance (Wafa)	The request will be submitted to CMA’s board within 2 weeks of this announcement
AXA Cooperative Insurance Company	The request will be submitted to CMA’s board within 2 weeks of this announcement
Al Alamiya for Cooperative Insurance Company	The request will be submitted to CMA’s board within 2 weeks of this announcement
Al-Rajhi Takaful Company for Cooperative Insurance	The company and its financial advisor are still working on completing the capital raise request file
Saudi united Cooperative insurance Company (Walaa)	The company and its financial advisor are still working on completing the capital raise request file
United Cooperative Assurance Company	The company and its financial advisor are still working on completing the capital raise request file

The CMA said that these are the only capital raise through rights issue requests it has received till now emphasizing the procedures to be applied by the Companies requesting a capital raise approval as follows:

Publishing the BOD recommendation of the capital raise.
Appointing a licensed financial advisor to follow up with the CMA and ensure fulfilling all requirements.
Appointing a licensed underwriter for the IPO.
Submitting the capital raise request to the CMA including the IPO prospectus to ensure the compliance with all applicable rules and regulations.
Publishing the IPO prospectus after obtaining the CMA’s approval.
Holding a general assembly meeting to vote on the capital raise.

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