Allianz Saudi Fransi Cooperative Insurance Co.’s (Allianz SF) appointed on July 15 the Arab National Investment Company (ANB Invest) as financial advisor on its rights issue, the insurer said in a statement to Tadawul today.

 

Last month, Allianz SF’s board of directors recommended a capital hike through a SAR 400 million rights issue, Argaam previously reported.

 

The capital hike aims to support business expansions.

 

The process is still pending approvals from the general assembly and regulator.

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