UCA secures regulatory stamp on capital increase

Saudi Arabian Monetary Agency (SAMA) approved the United Cooperative Assurance Company’s capital increase request, asserting that the approval does not entail an opinion of the feasibility of the move.

SAMA said the approval shall not constitute an invitation to investors to subscribe to the capital increase, and invited potential investors to carefully study the company’s related prospectuses.

SAMA received requests from ten insurance companies operating in Saudi Arabia to increase their capital in a bid to meet capital adequacy requirements, according to Argaam data.