Wataniya Insurance board recommends capital hike through SAR 200 mln rights issue

16/09/2021 Argaam

Logo of Wataniya Insurance Co.

The board of directors of Wataniya Insurance Co. approved, in a meeting held today, Sept. 16, to increase the company's capital through SAR 200 million rights issue.

 

The capital hike aims to support the insurer’s future plans and solvency margins position, Wataniya said in a bourse filing.

 

Eligibility for the rights issue will be for shareholders of record on the date of the extraordinary general assembly meeting (EGM), in which the capital increase will be approved, and the shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day following the EGM date.

 

Wataniya will file for the capital increase and appoint a financial advisor in due course.

 

The capital increase is pending the approval of the EGM and the related regulatory authorities.

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