UCA Receives Central Bank Approval to Increase Capital to SR700 mln by Offering Right Issues

United Cooperative Assurance Company (UCA) announced on Monday the receipt of a letter from Saudi Central Bank No. 43078126 dated 07-04-2022 containing Saudi Central Bank approval to increasing company’s capital from (SR400) Million to (SR700) Million by offering right issues subject to meets all the requirements of other official authorities.

This comes with reference to the announcement of United Cooperative Assurance Co. on 17/10/2021 regarding the recommendation of the board of directors to increase Company’s share capital by Offering Right Issues subject to taking the approval of the official authorities and the extraordinary general assembly.

Saudi Central Bank approval is valid for one year to complete the capital increase process.

The company will announce any future developments in this regard as they become available.