Amana BOD Recommends Increasing Capital by Rights Issue, Targeting SR300 mln

Amana Cooperative Insurance Company announced on Tuesday the Board’s recommendation for capital increase by offering rights issue and the target amount SR300,000,000.

The reasons for the increase are supporting the company’s future plans and enhancing solvency margin position.

The company said on a statement on Tuesday on Tadawul that the shareholders holding shares on the date of the Extraordinary General Assembly meeting in which capital increase through the issuance of right issues was resolved whose names so appear in the register of the issuer’s shareholders at the Depository Center at the end of the second trading day following the date of the General Assembly’s Meeting.

The company explained that the capital increase is subject to Saudi Central Bank and Capital Market Authority and other regulatory authorities approvals in addition to the approval of the company’s Extraordinary General Assembly.

The announcements will be made later upon appointing a financial advisor for offering, as well as upon submitting the request for capital increase to the Capital Market Authority for approval, the company concluded.