Wafa Insurance BOD recommends a capital raise of SAR 105m through a rights issue

Wafa Insurance Company’s board of directors recommended SAR 105m capital raise through a rights issue after being preapproved by SAMA on April 24, 2014.

The capital raise is intended to enhance the solvency margin and support the company’s future expansions.

According to Argaam’s data; in order for Wafa to be eligible for SAMA’s final Approval; the company should fulfill some requirements within a four months period as well as obtaining other official bodies’ approvals.

The record date for this issue will be the approving general assembly’s date.