CMA approves Bupa Arabia’s capital hike request

Bupa Arabia for Cooperative Insurance has received a no-objection letter from Saudi market regulator, the Capital Market Authority (CMA), on the company’s proposed capital increase.

The increase will be financed from the insurer’s retained earnings, increasing the number of shares from 80 million to 120 million, the CMA said in its statement.

In April, Bupa Arabia’s board of directors had recommended a 50 percent capital increase to SAR 1.2 billion from SAR 800 million through the issue of one bonus share for every two shares held.