Amana Insurance gets SAMA nod to increase capital

Logo of Amana Cooperative Insurance Co.

Amana Cooperative Insurance Co. received on April 25 the Saudi Central Bank’s (SAMA) approval to increase the company’s capital from SAR 130 million to SAR 430 million by offering rights issue.

In a statement to Tadawul, the insurer said the expiry date will depend on the capital increase procedures.

Amana Insurance will announce when the capital increase file is submitted the Capital Market Authority (CMA) for approval, the statement said, noting that any future developments will be announced.

In March, shareholders of Amana Insurance approved proceeding with the capital increase procedures and obtaining the required regulatory approvals, Argaam reported.

The insurer’s board of directors recommended a capital hike through a SAR 300 million rights issue in January.