Al-Etihad Insurance gets SAMA approval to increase capital to SAR 450 mln

Logo of Al-Etihad Cooperative Insurance Co.

Al-Etihad Cooperative Insurance Co. said it received on March 24 the approval from the Saudi Central Bank (SAMA) on the board of directors’ recommendation to increase capital to SAR 450 million from SAR 400 million, by transferring SAR 20 million from retained earnings and SAR 30 million from the statutory reserve.

In a statement to Tadawul, the insurer said the letter also included the central bank’s no objection to amending the "capital" article in the company's Articles of Association, in accordance with the new capital.

SAMA noted that Al-Etihad Insurance should also fulfil all requirements of other official authorities.

Earlier this month, Al-Etihad Insurance’s board recommended the capital increase by 12.5% to SAR 450 million from SAR 400 million, through a bonus issue (one share for each eight shares), Argaam reported.