Walaa submits rights issue request to CMA

Logo of Walaa Cooperative Insurance Co.

Walaa Cooperative Insurance Co. submitted on March 7 a request for a rights issue worth SAR 467.5 million to the Capital Market Authority (CMA).

In a statement to Tadawul, the company said it will announce any future developments in due course.

In September 2023, Walaa’s board of directors recommended increasing the company’s capital through a rights offering, according to data available on Argaam.

The board decided on Feb. 25 to change its recommendation to raise the company's capital through a SAR 467.5 million rights offering instead of SAR 425 million. Walaa will offer 42.5 million ordinary shares at a nominal value of SAR 10 each and an offering price of SAR 11 apiece.

In November 2023, the insurer obtained the approval of the Saudi Central Bank (SAMA) on the rights issue, provided that the company fulfills all the requirements of other official authorities.