Alinma Tokyo Marine gets central bank approval for SAR 250 mln capital raise

The Saudi Arabian Monetary Agency, the kingdom’s central bank, said on Thursday that it approved Alinma Tokyo Marine Insurance Company’s request to raise its capital by SAR 250 million through a rights issue.

The approval is conditional upon receiving the green light from other regulatory bodies.

The central bank said its board approval of the offer should never be considered as a recommendation to invest in the company.

In October, Alinma Tokyo Marine’s board of directors recommended a SAR 250 million capital raise through a rights issue, according to data compiled by Argaam.