Saudi Arabian Cooperative Insurance Co. (SAICO) said it received on Tuesday a no-objection letter from Saudi Arabian Monetary Authority (SAMA) regarding its proposed capital increase.
The company will complete all related regulatory approvals and processes in due course, the insurer said in a bourse statement.
In March, SAICO’s board of directors has recommended a 20 percent capital increase to SAR 300 million from SAR 250 million through issue of one bonus share for every five shares held, Argaam previously reported.
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