Wataniya shareholders approve capital increase to SAR 400 via rights issue

Logo of Wataniya Insurance Co.

Shareholders of Wataniya Insurance Co. approved the board of directors’ recommendation to increase capital to SAR 400 million from SAR 200 million through a SAR 200 million rights issue (one right per share), during the extraordinary general meeting (EGM) held on April 13, the company said in a statement to Tadawul.

The move aims to support the growth of the company's business and maintaining the solvency requirements imposed by the Saudi Central Bank (SAMA).

In a separate statement, The Saudi Exchange (Tadawul) said the fluctuation limit today, April 14, for Wataniya will be based on a share price of SAR 20.48. Accordingly, the outstanding orders will be canceled. 

The rights shares will be deposited into the applicable investor’s portfolios on April 18.

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