Arabian Shield gets SAMA nod on capital hike

Arabian Shield Cooperative Insurance Co. on Thursday received approval from the Saudi Arabian Monetary Authority (SAMA) to raise capital by SAR 100 million to SAR 300 million, the insurer said in a statement to Tadawul.

Last month, the insurer’s board of directors recommended a 50 percent capital hike to SAR 300 million from SAR 200 million, through the issue of one bonus share for every two held.

The move aims to boost the company’s capital base, support future expansions, and maintain solvency margin.