Wafa Insurance obtains SAMA’s approval for its SAR 105m rights issue

26/08/2014 Argaam

Wafa Insurance Company announced that it received the Saudi Arabian Monetary Agency’s (SAMA) approval for a proposed capital raise of SAR 105m through a rights issue after meeting SAMA’s requirements, August, 26, 2014.

According to data available on “Argaam”, the Company obtained the conditional approval from CMA in April 2014.

The Company added that its BOD will submit the recommendation to the Extraordinary GA to decide on the capital raise and determines the offering price and number of shares, indicating that the increase is limited to registered shareholders at the end of the trading day of the Extraordinary GA, which will be reschedules after obtaining the necessary approvals.

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