Al Rajhi Takaful uses SAR 150 mln to boost solvency

25/05/2017 Argaam

Al Rajhi Company for Cooperative Insurance (Al Rajhi Takaful) used SAR 150 million of its rights issue proceeds towards meeting solvency margin requirements, the company said in a statement to Tadawul on Thursday.

 

Total rights issue proceeds amounted to SAR 200 million. Direct and indirect expenses related to the rights issue amounted to SAR 4.06 million, while total net proceeds reached SAR 195.9 million.

 

The insurer has placed SAR 20 million of the proceeds in a statutory deposit, in compliance with capital increase requirements.

 

Al Rajhi earlier said it would allocate SAR 25 million for expansion plan, but is still currently considering offers and suitable locations for new branches.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read