SAMA seeks Weqaya’s action plan approving capital hike

27/04/2017 Argaam

Weqaya Takaful Insurance and Reinsurance Company (Weqaya Takaful) said it has received a letter from the Saudi Arabian Monetary Authority (SAMA) asking for a detailed five-year action plan starting 2017, before deciding on the insurer’s request to increase capital.

 

SAMA also asked the insurer to disclose the purpose of the capital hike and how the proceeds would be used, Weqaya Takaful said in a statement to Tadawul on Thursday. 

 

In the letter, the market regulator said that it will invite a representative of the company’s board of directors and executive management to discuss the work plan and the other requests.

 

On April 4, the company submitted a request to SAMA to increase capital by SAR 600 million to SAR 800 million through a rights issue, aiming to offset the accumulated losses. 

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