Al Sagr Insurance issues prospectus for SAR 160M rights issue

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. announced the prospectus for its capital increase through a SAR 160 million rights offering.

The capital increase aims to meet minimum requirements, support future plans, and strengthen financial solvency.

For More IPOs

The company will use offering proceeds to increase regulatory deposits, invest in debt instruments, increase bank deposits, and replace the technical system for insurance and financial operations.

The company's shareholders will vote on the board’s recommendation to increase capital through a SAR 160 million rights offering, during the extraordinary general meeting (EGM) to be held on June 26.

The Capital Market Authority (CMA) approved last April the request received from the company to increase capital through a rights issue, as per Argaam's data.