CMA approves Allianz Saudi Fransi’s SAR 400 mln rights issue

The Capital Market Authority (CMA) approved Allianz Saudi Fransi Cooperative Insurance Co.’s request to increase capital by SAR 400 million through a rights issue, the authority said in a statement. 

The increase will be limited to shareholders registered at the Security Depository Center (Edaa) as of the closing of the second trading day after the extraordinary general assembly meeting (EGM), which will be determined by the company’s board of directors at a later date.

The offering size and price will be determined by the insurer after market closing on the same day the EGM is to be held.

The rights issue prospectus will be issued at a later date, the statement said.

An investment decision based on the company’s board recommendation to increase its capital or the CMA’s approval without carefully reading the rights issue prospectus or fully reviewing its content may involve high risk.