Walaa recommends increasing capital by offering right issues

Walaa Cooperative Insurance Company announced on Monday that the Board’s Recommendation to Increase the Capital by Offering the Right Issue, the total amount to be obtained amounted to SAR425,000,000.

The Company explained today on Tadawul that the supports the growth plan of the company and improve its solvency margin, provided that the eligibility will be for 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 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 indicated that the increasing capital is subject to the approval of Saudi Central Bank and Capital Market Authority and other regulatory authorities’ approvals in addition to Extraordinary General Assembly approval, and the announcement will be made later after appointing a financial advisor for offering, as well as upon submitting the request for capital increase to the Capital Market Authority for approval and any future development.