Logo of Amana Cooperative Insurance Co. 

Amana Cooperative Insurance Co. submitted, on April 18, a capital increase request to the Saudi Central Bank (SAMA), according to a bourse filing.

 

The insurer plans to raise capital from SAR 130 million to SAR 430 million via a rights issue.

 

The company will submit the capital hike file later for approval with the Capital Market Authority (CMA). The details will be released in due course.

 

Amana shareholders approved proceeding with the capital increase procedures and obtaining the required regulatory approvals during the extraordinary general meeting (EGM) held on Feb. 28.

 

In January, the insurer’s board of directors recommended a capital hike through a SAR 300 million rights issue, according to Argaam.  

 

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