Walaa Insurance resubmits SAR 200 mln capital raise request to CMA

Saudi United Cooperative Insurance Company (Walaa) resubmitted a request to the Capital Market Authority (CMA) to raise its capital by SAR 200 million through a rights issue on Monday, according to its statement on Tadawul.

According to data available on Argaam, Walaa obtained SAMA’s approval for a SAR 200 million capital raise through a rights issue in April 2014.

The company, however, decided to withdraw the capital raise request submitted to the CMA last month to perform required amendments.