Weqaya proposes SAR 600 mln capital hike

Weqaya Takaful Insurance and Reinsurance Co.’s board of directors has recommended increasing the company’s capital through a SAR 600 million rights issue, the insurer said in a statement to Tadawul.

The planned capital hike is subject to the approval of regulatory authorities and the company’s shareholders at an extraordinary general assembly.

Only shareholders of record on the extraordinary general assembly date will be eligible to subscribe to these shares, Weqaya added.