SAMA approves AXA-Cooperative’s SAR 250m right issue

24/04/2014 Argaam

AXA Cooperative insurance Company said that it received the Saudi Arabian Monetary Agency’s (SAMA) approval for a proposed capital raise through a rights issue of SAR 250m.

The company should submit the capital raise approval file to CMA as well as obtaining other bodies’ approvals such as the Ministry of Commerce and Industry to complete the statutory procedures as indicated by the company in its filing to Tadawul today.

According to Argaam’s data; AXA’s BOD has recommended a capital raise of SAR 250m through a rights issue in June 2012.

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