Wataniya Insurance submits rights issue request to CMA

Logo of Wataniya Insurance Co.

Wataniya Insurance Co. submitted today, Nov. 22, a request to the Capital Market Authority (CMA) to increase its capital through offering rights issue shares, the company said in a bourse statement.

In September, Wataniya’s board of directors approved to increase the company's capital through SAR 200 million rights issue.

Earlier this month, the insurer received a no-objection letter from the Saudi Central Bank (SAMA) to raise its capital through a rights issue, on condition of fulfilling the remaining regulatory requirements, according to data compiled by Argaam.

ANB Invest was appointed as a financial advisor of the offering, according to the statement.

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