UCA receives SAMA’s approval on capital increase via SAR 300 mln rights issue

11/04/2022 Argaam

Logo of United Cooperative Assurance Co. (UCA)

United Cooperative Assurance Co. (UCA) received a letter from Saudi Central Bank (SAMA) on April 7 approving the insurer’s capital increase to SAR 700 million, from SAR 400 million, through rights issue offer, according to a bourse statement.

 

The approval is subject to all the requirements of other official authorities, UCA said, adding that the approval is valid for one year to complete the capital increase process.

 

Any further developments will be announced in due course.

 

In October, UCA board of directors recommended to increase the company's capital through rights issue of SAR 300 million, Argaam reported.

 

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