Wataniya gets CMA nod on capital hike through SAR 200 mln rights issue

08/03/2022 Argaam
Logo of Wataniya Insurance Co.

Logo of Wataniya Insurance Co.

Saudi Arabia’s Capital Market Authority (CMA) approved Wataniya Insurance Co. request to increase capital through a SAR 200 million rights issue, the market regulator said in a statement.

 

The increase will be limited to the shareholders who are registered in the Securities Depository Center (Edaa) by the close of trading on the second trading day after the extraordinary general meeting (EGM), which will be determined by the company's board of directors later. 

  

The offer price and size will be determined by the company on the EGM date. 

   

The CMA's approval of the prospectus should never be considered as a recommendation to participate in the offer nor invest in the company's shares. 

 

Last September, Wataniya’s board of directors recommended a capital hike through SAR 200 million rights issue to support the company’s future plans and solvency margin, according to data compiled by Argaam.

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