Al Sagr gets IA’s nod on capital hike to SAR 300M via rights issue

Logo of Al Sagr Cooperative Insurance Co.

Al Sagr Cooperative Insurance Co. announced today, Dec. 10, receiving the approval of the Insurance Authority (IA) on increasing its capital from SAR 140 million to SAR 300 million through a rights issue, according to a statement to Tadawul. 

The letter also included the authority's approval to amend the capital article in the company’s bylaws in accordance with the new capital. The authority's approval is valid for a period of one year from the date of the letter to complete the capital hike. 

The company also noted that it is difficult to determine the expected completion date for this event, saying that there are no associated costs. Al Sagr said the related financial impact, if any, will be announced later, adding that it will have to fulfill all the requirements of other relevant official authorities. 

In September 2023, Al Sagr’s board of directors increasing the company’s capital to SAR 300 million through a SAR 160 million rights offering. The company got the approval of the Insurance Authority (IA) in December, Argaam reported.