Walaa Cooperative Insurance Company announced on Wednesday the results of its Extraordinary General Assembly Meeting (first meeting), which included the approval of the Board’s recommendation to increase the company’s capital from SAR 850.58 million to SAR 1.28 billion.
The capital increase will be achieved through a rights issue of 42.5 million ordinary shares, offering 0.4997 new shares for each share held. The shares will have a nominal value of SAR 10 each and an offering price of SAR 11 per share, with the total offering amount reaching SAR 467.5 million. The nominal value of the increase totals SAR 425 million.
The capital increase aims to support Walaa’s growth and expansion plans, enhance its financial solvency margin, and maintain its credit rating.
