SAMA approves Wataniya Insurance capital hike through SAR 200 mln rights issue

Logo of Wataniya Insurance Co.

Wataniya Insurance Co. received, on Nov. 6, a no-objection letter from the Saudi Central Bank (SAMA) to raise its capital through SAR 200 million rights issue, on condition of fulfilling the remaining regulatory requirements, according to a bourse filing.

There is no financial impact to date, the insurer said, noting that any further developments will be duly announced.

In September, Wataniya’s board of directors approved, in a meeting held today, Sept. 16, to increase the company's capital through SAR 200 million rights issue, Argaam reported.

It also appointed ANB Invest as financial advisor to manage its rights issue.

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