Wafa recommends SAR 220 mln rights issue

16/09/2018 Argaam

 

Saudi Indian Cooperative Insurance Co.’s (Wafa) board of directors has recommended a capital hike through a SAR 220 million rights issue, the company said in a bourse statement.

 

The recommendation was based on the company’s general assembly decision to proceed on capital hike procedures.

 

The capital hike aims to boost solvency margin and support future activities.

 

Shareholders of record on the second day after the extraordinary general meeting will be entitled to subscribe to the offering.

 

Appointing a financial advisor to advise on the capital hike and submitting capital hike file to the Saudi Capital Market Authority (CMA) along with any other updates regarding this matter will be disclosed on a timely manner, the insurer added.

 

The process is pending approvals from the general assembly and regulator.

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