Al-Etihad Insurance gets regulatory approval to increase capital to SAR 500M

11/02/2024 Argaam
Logo ofAl-Etihad Cooperative Insurance Co.

Logo of Al-Etihad Cooperative Insurance Co.

Al-Etihad Cooperative Insurance Co. received on Feb. 10 the Insurance Authority’s approval to increase its capital from SAR 450 million to SAR 500 million by capitalizing SAR 50 million from retained earnings.

 

The insurer also obtained the regulatory go-ahead for amending the company’s relevant bylaws, aligning with the new capital, provided that all the regulatory requirements are fulfilled, according to a statement to Tadawul.

 

The approval is valid for one year, and any relevant updates will be duly revealed, the statement added.

 

On Aug. 6, 2023, Al-Etihad’s board of directors recommended raising the company’s capital by 11.11% to SAR 500 million via a one-for-nine bonus-share distribution, Argaam earlier reported.

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